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

New Gold (NYSE:NGD) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Tuesday.

Other equities analysts have also issued research reports about the company. Cibc World Mkts raised New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Royal Bank of Canada raised their price objective on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. CIBC raised their price objective on New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Finally, Scotiabank raised their price target on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, New Gold currently has an average rating of “Buy” and a consensus price target of $2.74.

New Gold Price Performance

NYSE:NGD opened at $2.93 on Tuesday. The company has a fifty day simple moving average of $2.56. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of -29.25 and a beta of 1.29. New Gold has a 12 month low of $0.89 and a 12 month high of $3.25. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52.

New Gold (NYSE:NGD) last issued 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 company 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%. As a group, equities analysts anticipate that New Gold will post 0.15 EPS for the current year.

Hedge Funds Weigh In On New Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Mackenzie Financial Corp lifted its position in New Gold by 57.3% in the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock valued at $32,229,000 after purchasing an additional 5,948,394 shares during the period. Van ECK Associates Corp lifted its position in New Gold by 8.4% in the first quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after purchasing an additional 5,613,145 shares during the period. Renaissance Technologies LLC lifted its position in New Gold by 13.5% in the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after purchasing an additional 2,399,200 shares during the period. Invenomic Capital Management LP lifted its position in New Gold by 19.6% in the fourth quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock valued at $14,748,000 after purchasing an additional 1,654,396 shares during the period. Finally, Herr Investment Group LLC lifted its position in New Gold by 40.4% in the second quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock valued at $10,160,000 after purchasing an additional 1,499,745 shares during the period. Hedge funds and other institutional investors 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.