New Gold (NYSE:NGD) PT Raised to $2.75

New Gold (NYSE:NGD) had its price target hoisted by investment analysts at Scotiabank from $2.50 to $2.75 in a report issued on Monday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price target indicates a potential upside of 3.38% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. CIBC boosted their price target on New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. TD Securities raised New Gold from a “sell” rating to a “hold” rating in a research report on Tuesday, May 21st. National Bank Financial raised New Gold from a “hold” rating to a “strong-buy” rating in a report on Friday, May 17th. Finally, StockNews.com cut New Gold from a “buy” rating to a “hold” rating in a research note on Thursday, August 15th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $2.49.

New Gold Stock Performance

Shares of NYSE:NGD opened at $2.66 on Monday. The company has a market cap of $2.10 billion, a price-to-earnings ratio of -26.50 and a beta of 1.32. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.89. The stock has a 50 day moving average price of $2.16. New Gold has a 52-week low of $0.86 and a 52-week high of $2.70.

New Gold (NYSE:NGD) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. The business had revenue of $218.20 million during the quarter. On average, equities analysts forecast that New Gold will post 0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Scientech Research LLC purchased a new position in New Gold in the 2nd quarter worth about $28,000. Coppell Advisory Solutions Corp. purchased a new stake in New Gold in the first quarter worth approximately $30,000. Rathbones Group PLC bought a new stake in New Gold in the 2nd quarter worth approximately $36,000. Moloney Securities Asset Management LLC purchased a new stake in New Gold during the 1st quarter valued at $42,000. Finally, Morton Capital Management LLC CA lifted its holdings in shares of New Gold by 23.3% during the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock valued at $52,000 after buying an additional 5,000 shares during the period. 42.82% of the stock is owned by institutional investors.

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.