Traders Buy High Volume of New Gold Call Options (NYSE:NGD)

New Gold Inc. (NYSE:NGD - Get Free Report) saw some unusual options trading activity on Monday. Stock investors acquired 10,315 call options on the company. This represents an increase of approximately 144% compared to the typical daily volume of 4,222 call options.

Analyst Ratings Changes

NGD has been the topic of a number of recent research reports. StockNews.com raised New Gold from a "hold" rating to a "buy" rating in a report on Friday, October 25th. Scotiabank upped their price target on shares of New Gold from $2.75 to $3.25 and gave the company a "sector outperform" rating in a research note on Tuesday, September 17th. Finally, Royal Bank of Canada lifted their price objective on shares of New Gold from $3.00 to $3.50 and gave the stock an "outperform" rating in a research note on Tuesday, September 10th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $3.08.

Institutional Investors Weigh In On New Gold

Several institutional investors have recently modified their holdings of the company. CIBC Asset Management Inc lifted its holdings in shares of New Gold by 2.2% in the 3rd quarter. CIBC Asset Management Inc now owns 2,105,546 shares of the company's stock valued at $6,105,000 after purchasing an additional 44,571 shares during the last quarter. Plato Investment Management Ltd purchased a new stake in shares of New Gold in the third quarter valued at about $226,000. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of New Gold by 12.9% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 265,441 shares of the company's stock worth $764,000 after buying an additional 30,366 shares in the last quarter. Old West Investment Management LLC lifted its holdings in New Gold by 42.9% in 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 acquiring an additional 300,000 shares during the period. Finally, Intact Investment Management Inc. grew its position in New Gold by 9.4% during the third quarter. Intact Investment Management Inc. now owns 2,329,400 shares of the company's stock worth $6,752,000 after buying an additional 200,000 shares during the period. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Trading Down 7.7 %

NGD stock traded down $0.21 during mid-day trading on Monday, reaching $2.53. The company's stock had a trading volume of 16,444,531 shares, compared to its average volume of 8,233,059. The company's 50 day moving average price is $2.83. The stock has a market cap of $2.00 billion, a PE ratio of 126.50 and a beta of 1.31. 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 has a fifty-two week low of $1.09 and a fifty-two week 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 (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. New Gold had a net margin of 2.33% and a return on equity of 9.38%. The firm had revenue of $252.00 million for the quarter. On average, analysts forecast that New Gold will post 0.17 earnings per share for the current fiscal 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.