New Gold (NYSE:NGD) Raised to Buy at StockNews.com

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

Other analysts have also recently issued research reports about the stock. Scotiabank upped their price target on shares of New Gold from $1.65 to $2.00 and gave the company a sector perform rating in a research report on Monday, April 8th. National Bank Financial reiterated a sector perform spec overwgt rating on shares of New Gold in a research note on Monday, April 8th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $1.69.

New Gold Trading Down 3.1 %

NGD stock opened at $1.89 on Monday. New Gold has a 1 year low of $0.86 and a 1 year 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. The company has a market cap of $1.49 billion, a P/E ratio of -18.90 and a beta of 1.53.

New Gold (NYSE:NGD) 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. New Gold had a positive return on equity of 5.23% and a negative net margin of 9.81%. The company had revenue of $192.10 million during the quarter. Research analysts forecast that New Gold will post 0.11 EPS for the current fiscal year.

Hedge Funds Weigh In On New Gold

Hedge funds have recently modified their holdings of the company. Coppell Advisory Solutions Corp. purchased a new stake in shares of New Gold during the first quarter valued at approximately $30,000. Moloney Securities Asset Management LLC bought a new position in New Gold during the first quarter valued at about $42,000. Independent Family Office LLC purchased a new stake in New Gold during the fourth quarter worth about $123,000. Baader Bank Aktiengesellschaft boosted its stake in New Gold by 812.7% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 91,267 shares of the company’s stock valued at $132,000 after acquiring an additional 81,267 shares during the last quarter. Finally, Ingalls & Snyder LLC raised its holdings in shares of New Gold by 116.6% in the 4th quarter. Ingalls & Snyder LLC now owns 123,842 shares of the company’s stock worth $181,000 after purchasing an additional 66,667 shares during the period. 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.