StockNews.com Upgrades New Gold (NYSE:NGD) to “Buy”

StockNews.com upgraded shares of New Gold (NYSE:NGD) from a hold rating to a buy rating in a report published on Wednesday.

Other research analysts also recently issued research reports about the stock. National Bank Financial reaffirmed a sector perform spec overwgt rating on shares of New Gold in a research report on Monday, April 8th. Scotiabank raised their price objective on New Gold from $1.65 to $2.00 and gave the company a sector perform rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, New Gold has an average rating of Hold and an average price target of $1.64.

New Gold Stock Performance

New Gold stock opened at $1.81 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.51 and a quick ratio of 0.98. The stock has a market cap of $1.25 billion, a PE ratio of -18.10, a P/E/G ratio of 0.57 and a beta of 1.53. New Gold has a 1 year low of $0.86 and a 1 year high of $1.95.

New Gold (NYSE:NGD) last posted 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 firm 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, analysts anticipate that New Gold will post 0.09 earnings per share for the current fiscal year.

Institutional Trading of New Gold

Institutional investors and hedge funds have recently modified their holdings of the stock. Moloney Securities Asset Management LLC bought a new stake in New Gold during the first quarter worth $42,000. First Citizens Bank & Trust Co. bought a new position in New Gold during the third quarter valued at about $61,000. Independent Family Office LLC purchased a new stake in New Gold during the fourth quarter worth about $123,000. Baader Bank Aktiengesellschaft raised its position in New Gold by 812.7% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 91,267 shares of the company’s stock worth $132,000 after acquiring an additional 81,267 shares during the period. Finally, Ingalls & Snyder LLC boosted its stake in New Gold by 116.6% in the fourth quarter. Ingalls & Snyder LLC now owns 123,842 shares of the company’s stock valued at $181,000 after acquiring an additional 66,667 shares during the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

About New Gold

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.