New Gold (NYSE:NGD) Upgraded by StockNews.com to Buy

New Gold (NYSE:NGD) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other analysts have also recently commented on the stock. BMO Capital Markets initiated coverage on shares of New Gold in a research report on Friday, May 31st. They issued an “outperform” rating and a $3.50 price objective for the company. CIBC upped their price objective on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Scotiabank upped their price objective on shares of New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research report on Tuesday. Royal Bank of Canada increased their target price on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Finally, Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, New Gold presently has a consensus rating of “Buy” and a consensus target price of $2.74.

New Gold Stock Performance

Shares of New Gold stock opened at $3.11 on Friday. The company’s fifty day simple moving average is $2.45. The company has a market cap of $2.46 billion, a PE ratio of -31.10 and a beta of 1.29. New Gold has a 52 week low of $0.86 and a 52 week high of $3.20. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52.

New Gold (NYSE:NGD) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. The business had revenue of $218.20 million during the quarter. As a group, research analysts forecast that New Gold will post 0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On New Gold

Large investors have recently modified their holdings of the business. Scientech Research LLC acquired a new position in shares of New Gold during the 2nd quarter worth about $28,000. Coppell Advisory Solutions Corp. acquired a new position in shares of New Gold during the 1st quarter worth about $30,000. Rathbones Group PLC acquired a new position in shares of New Gold during the 2nd quarter worth about $36,000. Moloney Securities Asset Management LLC acquired a new position in shares of New Gold during the 1st quarter worth about $42,000. Finally, Morton Capital Management LLC CA boosted its stake in shares of New Gold by 23.3% during the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock worth $52,000 after buying an additional 5,000 shares during the last quarter. 42.82% of the stock is currently owned by institutional investors and hedge funds.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.