Scotiabank Raises New Gold (NYSE:NGD) Price Target to $3.25

New Gold (NYSE:NGD) had its target price hoisted by Scotiabank from $2.75 to $3.25 in a research report released on Tuesday morning, Benzinga reports. They currently have a sector outperform rating on the stock.

A number of other equities analysts also recently weighed in on NGD. BMO Capital Markets initiated coverage on New Gold in a report on Friday, May 31st. They issued an outperform rating and a $3.50 target price on the stock. Cibc World Mkts raised New Gold to a strong-buy rating in a research report on Wednesday, July 10th. Royal Bank of Canada upped their target price on New Gold from $3.00 to $3.50 and gave the stock an outperform rating in a research report on Tuesday, September 10th. CIBC upped their target price on New Gold from $3.00 to $3.40 and gave the stock an outperformer rating in a research report on Wednesday, July 10th. Finally, StockNews.com cut New Gold from a buy rating to a hold rating in a research report on Friday, September 13th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $2.74.

New Gold Trading Up 2.5 %

NYSE NGD opened at $3.07 on Tuesday. The business’s 50-day moving average is $2.44. The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52. The firm has a market cap of $2.42 billion, a P/E ratio of -30.65 and a beta of 1.29. New Gold has a 1 year low of $0.86 and a 1 year high of $3.20.

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 the consensus estimate of $0.01 by $0.01. The firm had revenue of $218.20 million for the quarter. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. Research analysts forecast that New Gold will post 0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On New Gold

Hedge funds and other institutional investors have recently modified their holdings of the stock. CIBC Asset Management Inc acquired a new stake in shares of New Gold in the fourth quarter worth $893,000. Quadrature Capital Ltd lifted its position in New Gold by 205.3% in the fourth quarter. Quadrature Capital Ltd now owns 1,635,733 shares of the company’s stock worth $2,374,000 after purchasing an additional 1,099,933 shares during the period. Edmond DE Rothschild Holding S.A. bought a new position in New Gold in the first quarter worth $1,074,000. Sumitomo Mitsui Trust Holdings Inc. bought a new position in New Gold in the second quarter worth $458,000. Finally, Headlands Technologies LLC bought a new position in New Gold in the second quarter worth $366,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

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.