New Gold Sees Unusually High Options Volume (NYSE:NGD)

New Gold Inc. (NYSE:NGD) saw unusually large options trading activity on Wednesday. Stock investors purchased 15,711 call options on the stock. This is an increase of approximately 390% compared to the average daily volume of 3,205 call options.

New Gold Price Performance

Shares of NGD opened at $2.93 on Friday. The company has a 50-day moving average price of $2.79. New Gold has a one year low of $1.03 and a one year high of $3.25. The company has a market cap of $2.32 billion, a P/E ratio of -29.30 and a beta of 1.30. The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52.

New Gold (NYSE:NGD) last posted its earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $218.20 million during the quarter. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. Analysts expect that New Gold will post 0.15 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Scotiabank raised their target price 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, September 17th. Royal Bank of Canada raised their target price on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. StockNews.com downgraded shares of New Gold from a “buy” rating to a “hold” rating in a research report on Thursday, October 17th. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. Finally, CIBC raised their target price 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. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, New Gold has a consensus rating of “Moderate Buy” and a consensus price target of $2.74.

Institutional Trading of New Gold

A number of hedge funds have recently modified their holdings of the stock. NorthCrest Asset Manangement LLC acquired a new stake in New Gold in the 3rd quarter worth about $58,000. Allworth Financial LP increased its holdings in New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after buying an additional 9,418 shares during the period. DORCHESTER WEALTH MANAGEMENT Co bought a new position in New Gold in the 3rd quarter valued at about $592,000. Eastern Bank bought a new position in New Gold in the 3rd quarter valued at about $33,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in New Gold by 684.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company’s stock valued at $4,255,000 after buying an additional 1,279,500 shares during the period. Institutional investors and hedge funds own 42.82% of the company’s stock.

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.