Analysts Set New Gold Inc. (NYSE:NGD) Target Price at $3.08

New Gold Inc. (NYSE:NGD - Get Free Report) has received an average recommendation of "Buy" from the seven brokerages that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, three have given a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $3.08.

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

New Gold Trading Down 3.2 %

NGD stock traded down $0.09 during midday trading on Friday, hitting $2.74. The company had a trading volume of 9,543,490 shares, compared to its average volume of 9,578,243. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $2.17 billion, a PE ratio of 137.00 and a beta of 1.31. The firm has a 50 day moving average price of $2.83. New Gold has a 52 week low of $1.09 and a 52 week high of $3.25.

New Gold (NYSE:NGD - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating analysts' consensus estimates of $0.04 by $0.04. The company had revenue of $252.00 million during the quarter. New Gold had a return on equity of 9.38% and a net margin of 2.33%. Analysts predict that New Gold will post 0.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NGD. Morton Capital Management LLC CA grew its position in shares of New Gold by 23.3% during the second quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company's stock worth $52,000 after purchasing an additional 5,000 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of New Gold by 15.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 47,722 shares of the company's stock worth $93,000 after purchasing an additional 6,252 shares in the last quarter. Kohmann Bosshard Financial Services LLC grew its position in shares of New Gold by 34.6% during the third quarter. Kohmann Bosshard Financial Services LLC now owns 35,000 shares of the company's stock worth $101,000 after purchasing an additional 9,000 shares in the last quarter. Allworth Financial LP grew its position in shares of 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 purchasing an additional 9,418 shares in the last quarter. Finally, Eastern Bank purchased a new position in New Gold during the 3rd quarter valued at approximately $33,000. 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.