Analysts Set New Gold Inc. (NYSE:NGD) Target Price at $2.12

Shares of New Gold Inc. (NYSE:NGD) have received an average recommendation of “Moderate Buy” from the seven analysts that are presently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $2.18.

Several research analysts have commented on the stock. BMO Capital Markets started coverage on shares of New Gold in a report on Friday, May 31st. They issued an “outperform” rating and a $3.50 price target for the company. StockNews.com cut New Gold from a “buy” rating to a “hold” rating in a research report on Friday, May 31st. TD Securities raised New Gold from a “sell” rating to a “hold” rating in a report on Tuesday, May 21st. Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a research report on Wednesday. Finally, National Bank Financial upgraded shares of New Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th.

Institutional Investors Weigh In On New Gold

Institutional investors have recently made changes to their positions in the business. Coppell Advisory Solutions Corp. purchased a new position in New Gold in the 1st quarter worth $30,000. Moloney Securities Asset Management LLC bought a new stake in shares of New Gold in the 1st quarter valued at about $42,000. Morton Capital Management LLC CA boosted its holdings in New Gold by 23.3% during the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock valued at $52,000 after acquiring an additional 5,000 shares during the period. Independent Family Office LLC bought a new position in New Gold during the 4th quarter worth approximately $123,000. Finally, Baader Bank Aktiengesellschaft increased its stake in New Gold by 812.7% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 91,267 shares of the company’s stock worth $132,000 after purchasing an additional 81,267 shares during the period. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Price Performance

New Gold stock opened at $2.37 on Friday. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of -23.70 and a beta of 1.32. New Gold has a one year low of $0.86 and a one year high of $2.46. The company has a quick ratio of 0.89, a current ratio of 1.51 and a debt-to-equity ratio of 0.54. The stock has a fifty day moving average of $2.02.

New Gold (NYSE:NGD) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. New Gold had a positive return on equity of 5.23% and a negative net margin of 9.81%. The firm had revenue of $192.10 million for the quarter. Sell-side analysts expect that New Gold will post 0.15 earnings per share for the current fiscal 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.