Brokerages Set New Gold Inc. (NYSE:NGD) Price Target at $3.41

Shares of New Gold Inc. (NYSE:NGDGet Free Report) have earned an average rating of “Buy” from the six ratings firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $3.41.

Separately, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th.

Check Out Our Latest Analysis on New Gold

New Gold Stock Performance

Shares of New Gold stock opened at $2.91 on Thursday. The business has a 50-day simple moving average of $2.71 and a 200 day simple moving average of $2.65. New Gold has a one year low of $1.09 and a one year high of $3.25. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of 145.50 and a beta of 1.34.

New Gold (NYSE:NGDGet Free Report) last issued its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The company had revenue of $252.00 million for the quarter. On average, research analysts anticipate that New Gold will post 0.18 earnings per share for the current fiscal year.

Institutional Trading of New Gold

Several institutional investors have recently made changes to their positions in the company. Mackenzie Financial Corp increased its stake in New Gold by 57.3% in the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock valued at $32,229,000 after buying an additional 5,948,394 shares during the last quarter. Van ECK Associates Corp increased its position in shares of New Gold by 5.0% during the third quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after acquiring an additional 3,541,882 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in New Gold by 9,360.7% during the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after acquiring an additional 2,664,153 shares during the period. ArrowMark Colorado Holdings LLC bought a new stake in New Gold during the third quarter worth $4,787,000. Finally, Lord Abbett & CO. LLC purchased a new position in New Gold in the third quarter worth $4,435,000. Institutional investors own 42.82% of the company’s stock.

New Gold Company Profile

(Get Free Report

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.

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Analyst Recommendations for New Gold (NYSE:NGD)

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