New Gold (TSE:NGD) Lifted to Strong-Buy at Cibc World Mkts

Cibc World Mkts upgraded shares of New Gold (TSE:NGD) (ARCA:NGD) to a strong-buy rating in a research report report published on Wednesday, Zacks.com reports.

Several other research firms also recently weighed in on NGD. National Bankshares upgraded New Gold from a sector perform rating to an outperform rating and boosted their price target for the company from C$3.25 to C$3.50 in a research note on Tuesday, May 21st. Bank of America boosted their price target on New Gold from C$1.90 to C$2.30 in a research note on Tuesday, April 9th. Canaccord Genuity Group boosted their price target on New Gold from C$2.75 to C$3.00 in a research note on Tuesday, April 23rd. TD Securities upgraded New Gold from a strong sell rating to a hold rating in a research note on Tuesday, May 21st. Finally, Scotiabank upgraded New Gold from a hold rating to a strong-buy rating in a research note on Tuesday, May 21st. One research analyst has rated the stock with a hold rating, three have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Buy and a consensus price target of C$3.06.

New Gold Trading Down 0.9 %

Shares of TSE:NGD opened at C$3.25 on Wednesday. The business’s 50-day moving average is C$2.78 and its 200 day moving average is C$2.27. New Gold has a 1 year low of C$1.17 and a 1 year high of C$3.35. The firm has a market capitalization of C$2.24 billion, a P/E ratio of -23.21, a P/E/G ratio of -3.02 and a beta of 1.60. The company has a debt-to-equity ratio of 54.32, a current ratio of 1.51 and a quick ratio of 1.64.

New Gold (TSE:NGD) (ARCA:NGD) last announced its earnings results on Tuesday, April 30th. The company reported C$0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.01 by C$0.02. New Gold had a negative return on equity of 9.44% and a negative net margin of 9.81%. The company had revenue of C$258.98 million for the quarter. On average, research analysts predict that New Gold will post 0.2190332 earnings per share for the current fiscal 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.