New Gold Inc. (NYSE:NGD) Receives Consensus Recommendation of "Buy" from Analysts

New Gold Inc. (NYSE:NGD - Get Free Report) has received a consensus rating of "Buy" from the six ratings firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $3.41.

A number of brokerages have commented on NGD. Royal Bank of Canada boosted their target price on New Gold from $3.00 to $3.50 and gave the company an "outperform" rating in a research note on Tuesday, September 10th. StockNews.com raised New Gold from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. Finally, 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.

Hedge Funds Weigh In On New Gold

Institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets boosted its stake in New Gold by 9,360.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company's stock valued at $7,755,000 after purchasing an additional 2,664,153 shares during the period. XTX Topco Ltd boosted its holdings in New Gold by 294.7% in the 3rd quarter. XTX Topco Ltd now owns 488,959 shares of the company's stock valued at $1,408,000 after purchasing an additional 365,079 shares during the period. Van ECK Associates Corp grew its position in New Gold by 5.0% in the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company's stock worth $215,743,000 after purchasing an additional 3,541,882 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of New Gold by 9.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company's stock worth $4,670,000 after purchasing an additional 200,799 shares during the period. Finally, Old West Investment Management LLC raised its position in shares of New Gold by 42.9% during the third quarter. Old West Investment Management LLC now owns 1,000,000 shares of the company's stock valued at $2,880,000 after buying an additional 300,000 shares during the last quarter. Institutional investors own 42.82% of the company's stock.

New Gold Stock Down 1.2 %

Shares of NYSE NGD traded down $0.03 during mid-day trading on Friday, reaching $2.49. The company had a trading volume of 5,769,222 shares, compared to its average volume of 8,225,688. The stock has a fifty day moving average of $2.74 and a two-hundred day moving average of $2.55. New Gold has a 12-month low of $1.09 and a 12-month high of $3.25. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 124.50 and a beta of 1.32. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42.

New Gold (NYSE:NGD - Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.04. New Gold had a net margin of 2.33% and a return on equity of 9.38%. The company had revenue of $252.00 million during the quarter. As a group, equities research analysts expect that New Gold will post 0.18 EPS for the current year.

About New Gold

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.