Brokerages Set New Gold Inc. (NYSE:NGD) Price Target at $3.41

Shares of New Gold Inc. (NYSE:NGD) have been assigned a consensus recommendation of “Buy” from the six research firms that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $3.41.

Several brokerages have recently issued reports on NGD. Royal Bank of Canada raised their target price on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Scotiabank raised their price objective on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. Finally, StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th.

New Gold Trading Down 1.1 %

NYSE:NGD opened at $2.59 on Friday. New Gold has a 52 week low of $1.09 and a 52 week high of $3.25. The firm has a 50-day moving average price of $2.70 and a two-hundred day moving average price of $2.57. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of 129.50 and a beta of 1.32.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $252.00 million during the quarter. New Gold had a return on equity of 9.38% and a net margin of 2.33%. On average, equities analysts expect that New Gold will post 0.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On New Gold

Several large investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp boosted its position in New Gold by 57.3% during the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after purchasing an additional 5,948,394 shares during the period. Van ECK Associates Corp lifted its stake in shares of New Gold by 5.0% during the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after buying an additional 3,541,882 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in New Gold by 9,360.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after buying an additional 2,664,153 shares during the period. Renaissance Technologies LLC grew its stake in New Gold by 13.5% in the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after buying an additional 2,399,200 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC bought a new stake in New Gold during the 3rd quarter valued at $4,787,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

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.