New Gold (NYSE:NGD) Stock Price Up 5% – What’s Next?

New Gold Inc. (NYSE:NGD) shares shot up 5% on Wednesday . The company traded as high as $2.75 and last traded at $2.74. 5,854,813 shares changed hands during trading, a decline of 2% from the average session volume of 5,971,381 shares. The stock had previously closed at $2.61.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Royal Bank of Canada lifted their target price on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Finally, Scotiabank increased their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $3.41.

New Gold Price Performance

The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 136.00 and a beta of 1.34. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The stock has a 50-day moving average price of $2.68 and a 200 day moving average price of $2.59.

New Gold (NYSE:NGD) last announced its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The business had revenue of $252.00 million during the quarter. As a group, equities research analysts expect that New Gold Inc. will post 0.18 earnings per share for the current year.

Institutional Investors Weigh In On New Gold

Several institutional investors have recently bought and sold shares of the company. Morton Capital Management LLC CA raised its holdings in New Gold by 18.9% in the 3rd quarter. Morton Capital Management LLC CA now owns 31,494 shares of the company’s stock valued at $91,000 after acquiring an additional 5,000 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of New Gold by 15.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 47,722 shares of the company’s stock worth $93,000 after acquiring an additional 6,252 shares during the period. Captrust Financial Advisors boosted its position in shares of New Gold by 17.6% during the 3rd quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock valued at $129,000 after acquiring an additional 6,700 shares during the last quarter. Geode Capital Management LLC raised its stake in New Gold by 2.0% during the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock worth $1,084,000 after purchasing an additional 7,394 shares during the period. Finally, Kohmann Bosshard Financial Services LLC boosted its holdings in New Gold by 34.6% in the 3rd quarter. Kohmann Bosshard Financial Services LLC now owns 35,000 shares of the company’s stock valued at $101,000 after purchasing an additional 9,000 shares during the last quarter. 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.