New Gold (NYSE:NGD) Lowered to Hold at StockNews.com

StockNews.com cut shares of New Gold (NYSE:NGDFree Report) from a buy rating to a hold rating in a report published on Friday.

NGD has been the topic of several other reports. National Bank Financial raised New Gold from a hold rating to a strong-buy rating in a research report on Friday, May 17th. BMO Capital Markets initiated coverage on New Gold in a research report on Friday. They issued an outperform rating and a $3.50 price objective on the stock. TD Securities upgraded New Gold from a sell rating to a hold rating in a research note on Tuesday, May 21st. Finally, Scotiabank upgraded New Gold from a sector perform rating to a sector outperform rating and raised their price target for the stock from $2.00 to $2.25 in a research note on Tuesday, May 21st. Four research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $1.94.

Check Out Our Latest Report on NGD

New Gold Stock Performance

New Gold stock opened at $2.19 on Friday. The company has a market capitalization of $1.73 billion, a P/E ratio of -21.90 and a beta of 1.53. New Gold has a twelve month low of $0.86 and a twelve month high of $2.31. The company has a current ratio of 1.51, a quick ratio of 0.89 and a debt-to-equity ratio of 0.54.

New Gold (NYSE:NGDGet Free Report) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The business had revenue of $192.10 million for the quarter. New Gold had a positive return on equity of 5.23% and a negative net margin of 9.81%. On average, research analysts anticipate that New Gold will post 0.12 EPS for the current year.

Hedge Funds Weigh In On New Gold

Several institutional investors and hedge funds have recently bought and sold shares of NGD. Coppell Advisory Solutions Corp. purchased a new position in New Gold during the first quarter valued at $30,000. Moloney Securities Asset Management LLC purchased a new position in New Gold during the first quarter valued at $42,000. Independent Family Office LLC purchased a new position in New Gold during the fourth quarter valued at $123,000. Baader Bank Aktiengesellschaft lifted its position in New Gold by 812.7% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 91,267 shares of the company’s stock valued at $132,000 after purchasing an additional 81,267 shares in the last quarter. Finally, Ingalls & Snyder LLC lifted its position in New Gold by 116.6% during the fourth quarter. Ingalls & Snyder LLC now owns 123,842 shares of the company’s stock valued at $181,000 after purchasing an additional 66,667 shares in the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Company Profile

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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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