New Gold (NYSEAMERICAN:NGD) Upgraded by StockNews.com to Buy

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

NGD has been the subject of a number of other reports. TheStreet upgraded shares of New Gold from a “d” rating to a “c-” rating in a report on Thursday, July 27th. BMO Capital Markets upped their price target on shares of New Gold from $2.00 to $2.25 and gave the company an “outperform” rating in a report on Friday, October 6th. CSFB decreased their price target on shares of New Gold from $1.20 to $1.15 and set a “neutral” rating for the company in a report on Thursday, August 17th. Finally, TD Securities increased their target price on shares of New Gold from $1.00 to $1.05 and gave the company a “reduce” rating in a research note on Friday, October 27th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $1.55.

New Gold Trading Up 5.0 %

New Gold stock traded up $0.06 during mid-day trading on Monday, hitting $1.27. 1,630,118 shares of the company’s stock were exchanged, compared to its average volume of 3,072,819. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.63. The firm has a market capitalization of $869.33 million, a PE ratio of -18.14, a P/E/G ratio of 0.37 and a beta of 1.58. New Gold has a 1-year low of $0.82 and a 1-year high of $1.48. The business has a 50 day moving average price of $1.24.

New Gold (NYSEAMERICAN:NGD) last released its quarterly earnings results on Wednesday, October 25th. The basic materials company reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03. New Gold had a negative net margin of 7.20% and a positive return on equity of 5.19%. The company had revenue of $201.30 million during the quarter. As a group, research analysts predict that New Gold will post 0.06 EPS for the current fiscal 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 NGD. Van ECK Associates Corp lifted its position in New Gold by 9.0% in the 1st quarter. Van ECK Associates Corp now owns 72,242,626 shares of the basic materials company’s stock valued at $79,467,000 after acquiring an additional 5,959,821 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in New Gold by 3.3% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 16,673,182 shares of the basic materials company’s stock valued at $18,134,000 after buying an additional 528,500 shares during the last quarter. Invesco Ltd. increased its stake in New Gold by 48.4% in the 1st quarter. Invesco Ltd. now owns 16,612,687 shares of the basic materials company’s stock valued at $29,903,000 after buying an additional 5,421,488 shares during the last quarter. Renaissance Technologies LLC increased its stake in New Gold by 8.0% in the 2nd quarter. Renaissance Technologies LLC now owns 15,772,864 shares of the basic materials company’s stock valued at $17,035,000 after buying an additional 1,167,000 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in New Gold by 10.1% in the 1st quarter. American Century Companies Inc. now owns 6,894,734 shares of the basic materials company’s stock valued at $7,652,000 after buying an additional 631,501 shares during the last quarter. 31.78% of the stock is owned by institutional investors.

About New Gold

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; New Afton mine situated in British Columbia, Canada; and the Cerro San Pedro mine in San Luis Potosí, Mexico.