Brokerages Set New Gold Inc. (NYSEAMERICAN:NGD) Price Target at $1.51

Shares of New Gold Inc. (NYSEAMERICAN:NGDGet Rating) have earned an average recommendation of “Hold” from the ten research firms that are covering the company, Marketbeat.com reports. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $1.51.

Several research firms recently issued reports on NGD. TD Securities decreased their price objective on shares of New Gold from $1.75 to $0.85 and set a “hold” rating for the company in a report on Wednesday, July 13th. Raymond James cut their target price on shares of New Gold from $2.00 to $1.50 and set a “market perform” rating for the company in a research note on Wednesday, July 13th. BMO Capital Markets cut their target price on shares of New Gold from C$3.00 to C$2.00 in a research note on Wednesday, July 13th. National Bank Financial cut their target price on shares of New Gold from C$1.50 to C$1.20 in a research note on Thursday, July 21st. Finally, Royal Bank of Canada cut their target price on shares of New Gold from $1.50 to $1.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 12th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of NGD. Virtu Financial LLC bought a new position in shares of New Gold in the 1st quarter valued at about $33,000. Quantbot Technologies LP bought a new position in New Gold during the 2nd quarter worth approximately $33,000. ExodusPoint Capital Management LP bought a new position in New Gold during the 2nd quarter worth approximately $33,000. Gotham Asset Management LLC bought a new position in New Gold during the 4th quarter worth approximately $40,000. Finally, Citigroup Inc. boosted its stake in New Gold by 127.1% during the 1st quarter. Citigroup Inc. now owns 22,707 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 12,707 shares during the last quarter. Institutional investors own 30.03% of the company’s stock.

New Gold Price Performance

NGD stock opened at $0.78 on Thursday. The company has a quick ratio of 1.68, a current ratio of 2.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $535.52 million, a price-to-earnings ratio of -15.70, a price-to-earnings-growth ratio of 1.21 and a beta of 1.99. New Gold has a 12 month low of $0.61 and a 12 month high of $2.02.

New Gold (NYSEAMERICAN:NGDGet Rating) last posted its earnings results on Thursday, August 4th. The basic materials company reported ($0.02) EPS for the quarter, hitting the consensus estimate of ($0.02). The company had revenue of $115.70 million during the quarter. New Gold had a negative net margin of 4.45% and a positive return on equity of 8.82%. Research analysts anticipate that New Gold will post 0.13 EPS for the current year.

New Gold Company Profile

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New Gold Inc, an intermediate gold mining company, engages in the exploration, development, and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River mine located in Ontario, Canada; and New Afton mine situated in British Columbia, Canada.

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