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

Shares of New Gold Inc. (NYSE:NGD - Get Free Report) have been assigned an average recommendation of "Buy" from the six research firms that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $3.41.

Several brokerages recently weighed in on NGD. Scotiabank raised their price objective on shares of New Gold from $2.75 to $3.25 and gave the company a "sector outperform" rating in a research report on Tuesday, September 17th. StockNews.com raised shares of New Gold from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. Finally, Royal Bank of Canada raised their price objective on shares of New Gold from $3.00 to $3.50 and gave the company an "outperform" rating in a research report on Tuesday, September 10th.

Hedge Funds Weigh In On New Gold

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP increased its position in New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company's stock worth $30,000 after acquiring an additional 9,418 shares during the period. Eastern Bank bought a new position in New Gold during the third quarter worth $33,000. Scientech Research LLC bought a new position in New Gold during the second quarter worth $28,000. Rathbones Group PLC bought a new position in New Gold during the second quarter worth $36,000. Finally, NorthCrest Asset Manangement LLC acquired a new stake in New Gold during the third quarter worth $58,000. Institutional investors own 42.82% of the company's stock.

New Gold Stock Performance

Shares of NGD stock remained flat at $2.91 during trading on Wednesday. 4,195,679 shares of the company traded hands, compared to its average volume of 8,242,521. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of 145.00 and a beta of 1.32. The business's fifty day moving average is $2.81 and its 200-day moving average is $2.47. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. New Gold has a twelve month low of $1.09 and a twelve month high of $3.25.

New Gold (NYSE:NGD - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04. The firm had revenue of $252.00 million for the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. On average, equities analysts forecast that New Gold will post 0.18 earnings per share for the current fiscal year.

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.