Analysts Set New Gold Inc. (NYSE:NGD) PT at $1.64

New Gold Inc. (NYSE:NGD) has been given a consensus rating of “Moderate Buy” by the six ratings firms that are presently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $1.69.

Several brokerages have recently commented on NGD. National Bank Financial raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research report on Monday. Scotiabank upgraded New Gold from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the stock from $2.00 to $2.25 in a research report on Tuesday. Finally, TD Securities raised New Gold from a “sell” rating to a “hold” rating in a research note on Tuesday.

Hedge Funds Weigh In On New Gold

A number of institutional investors have recently added to or reduced their stakes in the company. Coppell Advisory Solutions Corp. bought a new stake in shares of New Gold during the 1st quarter valued at $30,000. Moloney Securities Asset Management LLC purchased a new position in New Gold during the 1st quarter valued at about $42,000. Independent Family Office LLC bought a new stake in New Gold during the fourth quarter worth about $123,000. Baader Bank Aktiengesellschaft grew its holdings 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 purchasing an additional 81,267 shares during the period. Finally, Ingalls & Snyder LLC increased its stake in shares of 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. Institutional investors own 42.82% of the company’s stock.

New Gold Stock Performance

Shares of NGD stock opened at $1.95 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.51 and a quick ratio of 0.89. The stock has a market cap of $1.54 billion, a P/E ratio of -19.50 and a beta of 1.53. New Gold has a 1-year low of $0.86 and a 1-year high of $2.19.

New Gold (NYSE:NGD) last issued its earnings results on Tuesday, April 30th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. New Gold had a negative net margin of 9.81% and a positive return on equity of 5.23%. The firm had revenue of $192.10 million for the quarter. As a group, equities analysts anticipate that New Gold will post 0.11 EPS for the current year.

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.