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

New Gold Inc. (NYSE:NGD) has been given a consensus rating of “Buy” by the seven research firms that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $3.08.

NGD has been the subject of several recent research reports. Royal Bank of Canada lifted their target price 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. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Finally, Scotiabank boosted their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research note on Tuesday, September 17th.

Institutional Investors Weigh In On New Gold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Scientech Research LLC purchased a new position in New Gold during the 2nd quarter valued at $28,000. Coppell Advisory Solutions Corp. purchased a new stake in shares of New Gold in the 1st quarter worth about $30,000. Allworth Financial LP grew its position in shares of New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after buying an additional 9,418 shares during the period. Eastern Bank purchased a new stake in shares of New Gold in the 3rd quarter worth about $33,000. Finally, Rathbones Group PLC purchased a new stake in shares of New Gold in the 2nd quarter worth about $36,000. 42.82% of the stock is currently owned by institutional investors.

New Gold Price Performance

NGD opened at $2.53 on Friday. 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 company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 126.50 and a beta of 1.31. The firm’s fifty day moving average price is $2.85 and its two-hundred day moving average price is $2.40. New Gold has a 1 year low of $1.09 and a 1 year high of $3.25.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $252.00 million for the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. As a group, analysts anticipate 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.