Brokerages Set New Gold Inc. (NYSEAMERICAN:NGD) Price Target at $1.38

Shares of New Gold Inc. (NYSEAMERICAN:NGD) have earned an average rating of “Hold” from the four research firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $1.38.

A number of equities analysts have recently weighed in on NGD shares. TD Securities cut their price target on New Gold from $1.05 to $1.00 and set a “reduce” rating for the company in a report on Friday, July 28th. StockNews.com cut New Gold from a “buy” rating to a “hold” rating in a report on Tuesday. TheStreet raised New Gold from a “d” rating to a “c-” rating in a report on Thursday, July 27th. Finally, CSFB cut their price target on New Gold from $1.20 to $1.15 and set a “neutral” rating for the company in a report on Thursday, August 17th.

New Gold Price Performance

New Gold stock opened at $0.98 on Monday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.05 and a current ratio of 1.71. New Gold has a 1-year low of $0.73 and a 1-year high of $1.48. The stock has a market capitalization of $673.62 million, a P/E ratio of -12.31, a PEG ratio of 3.53 and a beta of 1.58. The company has a 50 day simple moving average of $1.24.

New Gold (NYSEAMERICAN:NGD) last posted its quarterly earnings results on Wednesday, July 26th. The basic materials company reported $0.02 earnings per share for the quarter. The firm had revenue of $184.40 million for the quarter. New Gold had a positive return on equity of 1.10% and a negative net margin of 7.93%. On average, equities research analysts anticipate that New Gold will post 0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On New Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new stake in shares of New Gold in the 1st quarter worth about $33,000. Citigroup Inc. boosted its holdings in shares of New Gold by 127.1% in the 1st quarter. Citigroup Inc. now owns 22,707 shares of the basic materials company’s stock valued at $41,000 after buying an additional 12,707 shares during the period. AE Wealth Management LLC acquired a new position in shares of New Gold in the 2nd quarter valued at about $28,000. Commonwealth Equity Services LLC acquired a new position in shares of New Gold in the 3rd quarter valued at about $25,000. Finally, CreativeOne Wealth LLC acquired a new position in shares of New Gold in the 2nd quarter valued at about $33,000. Hedge funds and other institutional investors own 31.78% of the company’s stock.

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.