New Gold Inc. (NYSE:NGD) Receives $2.74 Consensus Target Price from Analysts

Shares of New Gold Inc. (NYSE:NGD) have been assigned an average recommendation of “Buy” from the seven brokerages that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $2.74.

Several equities analysts have recently weighed in on the stock. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Saturday. Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. BMO Capital Markets started coverage on New Gold in a research report on Friday, May 31st. They set an “outperform” rating and a $3.50 price objective for the company. Royal Bank of Canada lifted 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, Scotiabank upped their target price on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday, September 17th.

Institutional Investors Weigh In On New Gold

A number of institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp increased its holdings in shares of New Gold by 8.4% in the 1st quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after purchasing an additional 5,613,145 shares during the period. Renaissance Technologies LLC grew its position in New Gold by 13.5% during the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after purchasing an additional 2,399,200 shares in the last quarter. Mackenzie Financial Corp increased its stake in New Gold by 57.3% in the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock valued at $32,229,000 after buying an additional 5,948,394 shares during the period. Invenomic Capital Management LP lifted its position in New Gold by 19.6% in the 4th quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock worth $14,748,000 after buying an additional 1,654,396 shares in the last quarter. Finally, Herr Investment Group LLC boosted its stake in shares of New Gold by 40.4% during the 2nd quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock valued at $10,160,000 after buying an additional 1,499,745 shares during the period. 42.82% of the stock is currently owned by institutional investors and hedge funds.

New Gold Stock Up 2.2 %

Shares of NYSE NGD opened at $3.19 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52. The stock has a 50-day simple moving average of $2.48. The company has a market capitalization of $2.52 billion, a PE ratio of -31.90 and a beta of 1.29. New Gold has a 52-week low of $0.86 and a 52-week high of $3.23.

New Gold (NYSE:NGD) last announced its quarterly 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 positive return on equity of 5.22% and a negative net margin of 2.53%. As a group, equities research analysts expect that New Gold will post 0.14 earnings per share for the current year.

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.