New Gold (NYSEAMERICAN:NGD) Trading Up 4.8%

New Gold Inc. (NYSEAMERICAN:NGDGet Rating)’s stock price was up 4.8% on Friday . The stock traded as high as $0.91 and last traded at $0.90. Approximately 47,593 shares were traded during trading, a decline of 99% from the average daily volume of 6,091,160 shares. The stock had previously closed at $0.86.

Analysts Set New Price Targets

Several equities analysts have weighed in on NGD shares. National Bank Financial dropped their target price on shares of New Gold from C$1.50 to C$1.20 in a report on Thursday, July 21st. BMO Capital Markets dropped their target price on shares of New Gold from C$3.00 to C$2.00 in a report on Wednesday, July 13th. TD Securities dropped their target price on shares of New Gold from $1.75 to $0.85 and set a “hold” rating for the company in a report on Wednesday, July 13th. Royal Bank of Canada dropped their target price on shares of New Gold from $1.50 to $1.00 and set a “sector perform” rating for the company in a report on Tuesday, July 12th. Finally, Raymond James dropped their target price on shares of New Gold from $2.00 to $1.50 and set a “market perform” rating for the company in a report on Wednesday, July 13th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $1.51.

New Gold Trading Up 5.9 %

The company has a current ratio of 2.38, a quick ratio of 1.68 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $617.60 million, a P/E ratio of -18.10, a PEG ratio of 1.21 and a beta of 1.99.

New Gold (NYSEAMERICAN:NGDGet Rating) last released its earnings results on Thursday, August 4th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). New Gold had a negative net margin of 4.45% and a positive return on equity of 8.82%. The business had revenue of $115.70 million for the quarter. As a group, research analysts predict that New Gold Inc. will post 0.13 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp lifted its position in New Gold by 6.8% during the first quarter. Van ECK Associates Corp now owns 69,315,986 shares of the basic materials company’s stock valued at $124,772,000 after buying an additional 4,385,529 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of New Gold by 3.7% during the second quarter. Renaissance Technologies LLC now owns 16,830,608 shares of the basic materials company’s stock worth $18,009,000 after purchasing an additional 602,263 shares in the last quarter. Invesco Ltd. lifted its position in shares of New Gold by 48.4% during the first quarter. Invesco Ltd. now owns 16,612,687 shares of the basic materials company’s stock worth $29,903,000 after purchasing an additional 5,421,488 shares in the last quarter. Sprott Inc. lifted its position in shares of New Gold by 12.8% during the first quarter. Sprott Inc. now owns 15,625,096 shares of the basic materials company’s stock worth $28,125,000 after purchasing an additional 1,771,465 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of New Gold by 11.5% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,250,082 shares of the basic materials company’s stock worth $25,868,000 after purchasing an additional 1,465,326 shares in the last quarter. 30.03% of the stock is owned by institutional investors and hedge funds.

About New Gold

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New Gold Inc, an intermediate gold mining company, engages in the exploration, development, and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River mine located in Ontario, Canada; and New Afton mine situated in British Columbia, Canada.

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