New Gold (NYSE:NGD) Price Target Raised to $3.50 at Royal Bank of Canada

New Gold (NYSE:NGD) had its target price boosted by Royal Bank of Canada from $3.00 to $3.50 in a report released on Tuesday morning, BayStreet.CA reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other equities analysts have also recently commented on the stock. StockNews.com upgraded shares of New Gold from a hold rating to a buy rating in a research report on Sunday, September 1st. Scotiabank raised their price target on shares of New Gold from $2.50 to $2.75 and gave the stock a sector outperform rating in a report on Monday, August 19th. BMO Capital Markets started coverage on shares of New Gold in a report on Friday, May 31st. They issued an outperform rating and a $3.50 price target on the stock. Cibc World Mkts raised shares of New Gold to a strong-buy rating in a report on Wednesday, July 10th. Finally, CIBC raised their price target on shares of New Gold from $3.00 to $3.40 and gave the stock an outperformer rating in a report on Wednesday, July 10th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, New Gold currently has an average rating of Moderate Buy and a consensus price target of $2.66.

New Gold Stock Up 7.3 %

Shares of NYSE:NGD opened at $3.10 on Tuesday. The stock has a market cap of $2.45 billion, a PE ratio of -31.00 and a beta of 1.29. The stock has a fifty day simple moving average of $2.36. New Gold has a 52 week low of $0.86 and a 52 week high of $3.12. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.98 and a current ratio of 1.50.

New Gold (NYSE:NGD) last issued its earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $218.20 million for the quarter. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. Sell-side analysts anticipate that New Gold will post 0.14 EPS for the current year.

Institutional Investors Weigh In On New Gold

A number of large investors have recently modified their holdings of NGD. Scientech Research LLC bought a new stake in shares of New Gold during the 2nd quarter valued at about $28,000. Coppell Advisory Solutions Corp. bought a new stake in shares of New Gold during the 1st quarter valued at about $30,000. Rathbones Group PLC bought a new stake in shares of New Gold during the 2nd quarter valued at about $36,000. Moloney Securities Asset Management LLC bought a new stake in shares of New Gold during the 1st quarter valued at about $42,000. Finally, Morton Capital Management LLC CA boosted its stake in New Gold by 23.3% during the second quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock worth $52,000 after acquiring an additional 5,000 shares in the last quarter. Institutional investors own 42.82% of the company’s stock.

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.