New Gold (NYSE:NGD) Stock Price Up 5% - Here's What Happened

New Gold Inc. (NYSE:NGD - Get Free Report) shares shot up 5% during trading on Wednesday . The company traded as high as $2.75 and last traded at $2.74. 5,854,813 shares changed hands during trading, a decline of 2% from the average session volume of 5,971,381 shares. The stock had previously closed at $2.61.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NGD. Scotiabank increased their price objective on New Gold from $2.75 to $3.25 and gave the company a "sector outperform" rating in a report on Tuesday, September 17th. Royal Bank of Canada increased their price target on shares of New Gold from $3.00 to $3.50 and gave the stock an "outperform" rating in a report on Tuesday, September 10th. Finally, StockNews.com upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. One research analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, New Gold presently has an average rating of "Buy" and a consensus price target of $3.41.

New Gold Price Performance

The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. The stock has a fifty day simple moving average of $2.68 and a 200-day simple moving average of $2.59. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of 137.00 and a beta of 1.34.

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

Institutional Trading of New Gold

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp boosted its holdings 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 buying an additional 3,541,882 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of New Gold by 13.5% in the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company's stock worth $39,217,000 after acquiring an additional 2,399,200 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of New Gold by 57.3% during the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company's stock worth $32,229,000 after purchasing an additional 5,948,394 shares in the last quarter. Herr Investment Group LLC raised its stake in New Gold by 40.4% in the 2nd quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company's stock valued at $10,160,000 after purchasing an additional 1,499,745 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in New Gold by 18.7% in the 3rd quarter. Two Sigma Advisers LP now owns 4,322,930 shares of the company's stock valued at $12,450,000 after purchasing an additional 681,822 shares in the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

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.