Scotiabank Raises New Gold (NYSE:NGD) Price Target to $3.25

New Gold (NYSE:NGD - Free Report) had its price target boosted by Scotiabank from $2.75 to $3.25 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a sector outperform rating on the stock.

Several other equities research analysts have also commented on the company. TD Securities raised New Gold from a sell rating to a hold rating in a research note on Tuesday, May 21st. Cibc World Mkts raised New Gold to a strong-buy rating in a research note on Wednesday, July 10th. Royal Bank of Canada upped 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. CIBC upped their target price on New Gold from $3.00 to $3.40 and gave the company an outperformer rating in a research note on Wednesday, July 10th. Finally, BMO Capital Markets assumed coverage on New Gold in a research note on Friday, May 31st. They issued an outperform rating and a $3.50 target price on the stock. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $2.74.

New Gold Price Performance

NYSE NGD traded down $0.09 on Tuesday, hitting $3.04. 12,958,884 shares of the company's stock were exchanged, compared to its average volume of 7,846,675. The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52. The firm has a 50-day moving average price of $2.40. New Gold has a fifty-two week low of $0.86 and a fifty-two week high of $3.20. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of -29.90 and a beta of 1.29.

New Gold (NYSE:NGD - Get Free Report) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $218.20 million for the quarter. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. On average, research analysts predict that New Gold will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of New Gold

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Morton Capital Management LLC CA raised its position in shares of New Gold by 23.3% in the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company's stock worth $52,000 after buying an additional 5,000 shares during the period. Vanguard Personalized Indexing Management LLC raised its position in shares of New Gold by 15.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 47,722 shares of the company's stock worth $93,000 after buying an additional 6,252 shares during the period. Cubist Systematic Strategies LLC raised its position in shares of New Gold by 7.2% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 179,209 shares of the company's stock worth $354,000 after buying an additional 11,995 shares during the period. Scientech Research LLC purchased a new position in shares of New Gold in the 2nd quarter worth $28,000. Finally, Coppell Advisory Solutions Corp. purchased a new position in shares of New Gold in the 1st quarter worth $30,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.