New Gold (NYSE:NGD) Upgraded to Sector Outperform at Scotiabank

Scotiabank upgraded shares of New Gold (NYSE:NGDFree Report) from a sector perform rating to a sector outperform rating in a research report released on Tuesday morning, MarketBeat reports. Scotiabank currently has $2.25 price objective on the stock, up from their prior price objective of $2.00.

Several other analysts have also issued reports on NGD. StockNews.com upgraded New Gold from a hold rating to a buy rating in a report on Monday. National Bank Financial reiterated a sector perform spec overwgt rating on shares of New Gold in a report on Monday, April 8th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $1.69.

View Our Latest Stock Report on New Gold

New Gold Stock Performance

NGD opened at $2.10 on Tuesday. The firm has a market capitalization of $1.45 billion, a PE ratio of -21.00 and a beta of 1.53. New Gold has a 12-month low of $0.86 and a 12-month high of $2.19. The company has a quick ratio of 0.89, a current ratio of 1.51 and a debt-to-equity ratio of 0.54.

New Gold (NYSE:NGDGet Free Report) last released its earnings results on Tuesday, April 30th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $192.10 million during the quarter. New Gold had a positive return on equity of 5.23% and a negative net margin of 9.81%. On average, sell-side analysts anticipate that New Gold will post 0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On New Gold

A number of institutional investors have recently added to or reduced their stakes in NGD. Heartland Advisors Inc. acquired a new stake in New Gold during the third quarter worth about $3,185,000. Deutsche Bank AG grew its position in New Gold by 24.6% during the third quarter. Deutsche Bank AG now owns 2,824,635 shares of the company’s stock worth $2,570,000 after buying an additional 556,765 shares in the last quarter. Intact Investment Management Inc. grew its position in New Gold by 6.9% during the third quarter. Intact Investment Management Inc. now owns 2,792,200 shares of the company’s stock worth $2,570,000 after buying an additional 179,500 shares in the last quarter. American Century Companies Inc. grew its position in New Gold by 1.0% during the third quarter. American Century Companies Inc. now owns 5,095,417 shares of the company’s stock worth $4,669,000 after buying an additional 48,886 shares in the last quarter. Finally, U S Global Investors Inc. grew its position in New Gold by 22.5% during the fourth quarter. U S Global Investors Inc. now owns 3,144,658 shares of the company’s stock worth $4,591,000 after buying an additional 577,757 shares in the last quarter. 42.82% of the stock is owned by institutional investors and hedge funds.

About New Gold

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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.

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Analyst Recommendations for New Gold (NYSE:NGD)

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