New Gold Inc. (NYSEAMERICAN:NGD) Given Average Recommendation of “Hold” by Analysts

Shares of New Gold Inc. (NYSEAMERICAN:NGD) have been assigned an average rating of “Hold” from the five brokerages that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $1.64.

Several equities research analysts have recently commented on NGD shares. National Bank Financial reissued a “sector perform spec overwgt” rating on shares of New Gold in a research report on Monday, April 8th. Scotiabank raised their target price on New Gold from $1.65 to $2.00 and gave the company a “sector perform” rating in a report on Monday, April 8th. Finally, StockNews.com cut New Gold from a “buy” rating to a “hold” rating in a research report on Sunday, January 14th.

New Gold Trading Down 1.7 %

NYSEAMERICAN:NGD opened at $1.72 on Tuesday. New Gold has a twelve month low of $0.86 and a twelve month high of $1.94. The firm has a market capitalization of $1.19 billion, a PE ratio of -19.11, a P/E/G ratio of 1.16 and a beta of 1.54. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.54 and a quick ratio of 0.98.

New Gold (NYSEAMERICAN:NGD) last posted its quarterly earnings results on Tuesday, February 13th. The basic materials company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). New Gold had a positive return on equity of 5.63% and a negative net margin of 8.20%. The firm had revenue of $199.20 million for the quarter. On average, sell-side analysts predict that New Gold will post 0.04 EPS for the current year.

Institutional Investors Weigh In On New Gold

Hedge funds have recently modified their holdings of the stock. Quadrature Capital Ltd increased its position in New Gold by 205.3% in the fourth quarter. Quadrature Capital Ltd now owns 1,635,733 shares of the basic materials company’s stock worth $2,374,000 after buying an additional 1,099,933 shares during the last quarter. Virtu Financial LLC purchased a new position in New Gold in the 4th quarter valued at approximately $206,000. Invenomic Capital Management LP raised its holdings in New Gold by 19.6% during the 4th quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the basic materials company’s stock valued at $14,748,000 after acquiring an additional 1,654,396 shares during the period. CIBC Asset Management Inc purchased a new stake in shares of New Gold during the fourth quarter worth $893,000. Finally, TD Asset Management Inc boosted its holdings in shares of New Gold by 33.5% in the fourth quarter. TD Asset Management Inc now owns 4,694,483 shares of the basic materials company’s stock worth $6,836,000 after acquiring an additional 1,178,194 shares during the period. Institutional investors own 42.82% of the company’s stock.

New Gold Company Profile

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.