New Gold (TSE:NGD) Upgraded to Strong-Buy by Scotiabank

Scotiabank upgraded shares of New Gold (TSE:NGD) (ARCA:NGD) from a hold rating to a strong-buy rating in a report issued on Tuesday morning, Zacks.com reports.

A number of other equities analysts also recently issued reports on the company. Bank of America upped their price target on New Gold from C$1.90 to C$2.30 in a research report on Tuesday, April 9th. Canaccord Genuity Group boosted their price objective on shares of New Gold from C$2.75 to C$3.00 in a report on Tuesday, April 23rd. National Bankshares raised shares of New Gold from a sector perform rating to an outperform rating and upped their price target for the company from C$3.25 to C$3.50 in a report on Tuesday. Finally, National Bank Financial raised shares of New Gold from a hold rating to a strong-buy rating in a report on Friday, May 17th. One research analyst has rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Buy and an average price target of C$2.76.

New Gold Stock Performance

New Gold stock opened at C$2.87 on Tuesday. The company has a 50 day moving average price of C$2.43 and a 200-day moving average price of C$2.02. The company has a debt-to-equity ratio of 54.32, a quick ratio of 1.64 and a current ratio of 1.51. New Gold has a fifty-two week low of C$1.17 and a fifty-two week high of C$3.00. The company has a market capitalization of C$1.98 billion, a PE ratio of -20.50, a P/E/G ratio of -3.02 and a beta of 1.60.

New Gold (TSE:NGD) (ARCA:NGD) last issued its quarterly earnings data on Tuesday, April 30th. The company reported C$0.03 EPS for the quarter, topping analysts’ consensus estimates of C$0.01 by C$0.02. The company had revenue of C$258.98 million during the quarter. New Gold had a negative net margin of 9.81% and a negative return on equity of 9.44%. As a group, equities analysts forecast that New Gold will post 0.2190332 earnings per share for the current year.

About New Gold

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.