New Gold (NYSE:NGD) Upgraded to “Sector Outperform” at Scotiabank

Scotiabank upgraded shares of New Gold (NYSE:NGD) from a sector perform rating to a sector outperform rating in a report published on Tuesday, Marketbeat.com reports. The firm currently has $2.25 price target on the stock, up from their previous price target of $2.00.

Other analysts also recently issued reports about the stock. National Bank Financial reissued a sector perform spec overwgt rating on shares of New Gold in a report on Monday, April 8th. StockNews.com upgraded New Gold from a hold rating to a buy rating in a research report on Monday, May 20th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, New Gold has an average rating of Moderate Buy and an average price target of $1.69.

New Gold Trading Up 4.2 %

NYSE:NGD opened at $1.97 on Tuesday. The company has a current ratio of 1.51, a quick ratio of 0.89 and a debt-to-equity ratio of 0.54. New Gold has a 1-year low of $0.86 and a 1-year high of $2.19. The firm has a market capitalization of $1.56 billion, a PE ratio of 31.50 and a beta of 1.53.

New Gold (NYSE:NGD) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. New Gold had a positive return on equity of 5.23% and a negative net margin of 9.81%. The business had revenue of $192.10 million during the quarter. On average, equities research analysts anticipate that New Gold will post 0.12 EPS for the current fiscal year.

Institutional Trading of New Gold

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Heartland Advisors Inc. acquired a new stake in shares of New Gold during the third quarter valued at about $3,185,000. Deutsche Bank AG lifted its stake in New Gold by 24.6% during the third quarter. Deutsche Bank AG now owns 2,824,635 shares of the company’s stock worth $2,570,000 after purchasing an additional 556,765 shares in the last quarter. Intact Investment Management Inc. boosted its position in shares of New Gold by 6.9% during the third quarter. Intact Investment Management Inc. now owns 2,792,200 shares of the company’s stock worth $2,570,000 after buying an additional 179,500 shares during the period. American Century Companies Inc. grew its stake in shares of New Gold by 1.0% in the third quarter. American Century Companies Inc. now owns 5,095,417 shares of the company’s stock valued at $4,669,000 after buying an additional 48,886 shares in the last quarter. Finally, U S Global Investors Inc. raised its holdings in shares of New Gold by 22.5% in the 4th quarter. U S Global Investors Inc. now owns 3,144,658 shares of the company’s stock valued at $4,591,000 after buying an additional 577,757 shares during the period. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

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.