TD Securities Upgrades New Gold (NYSE:NGD) to Hold

TD Securities upgraded shares of New Gold (NYSE:NGD) from a sell rating to a hold rating in a report issued on Tuesday morning, Marketbeat reports.

Several other research firms have also commented on NGD. Scotiabank raised shares of New Gold from a sector perform rating to a sector outperform rating and lifted their price target for the company from $2.00 to $2.25 in a report on Tuesday. StockNews.com upgraded New Gold from a hold rating to a buy rating in a research report on Monday, May 20th. Finally, National Bank Financial reaffirmed a sector perform spec overwgt rating on shares of New Gold in a research report on Monday, April 8th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, New Gold currently has a consensus rating of Moderate Buy and an average price target of $1.69.

New Gold Price Performance

Shares of NGD stock opened at $1.97 on Tuesday. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 31.50 and a beta of 1.53. The company has a quick ratio of 0.89, a current ratio of 1.51 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.

New Gold (NYSE:NGD) last released its earnings results on Tuesday, April 30th. The company reported $0.02 EPS for the quarter, topping 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 company had revenue of $192.10 million for the quarter. On average, research analysts forecast that New Gold will post 0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp boosted its stake in New Gold by 8.4% during the 1st quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after purchasing an additional 5,613,145 shares in the last quarter. Hillsdale Investment Management Inc. grew its holdings in New Gold by 222.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 16,216,173 shares of the company’s stock worth $23,508,000 after acquiring an additional 11,186,898 shares during the period. Invenomic Capital Management LP lifted its holdings in New Gold by 19.6% in the 4th quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock valued at $14,748,000 after acquiring an additional 1,654,396 shares during the last quarter. Mackenzie Financial Corp boosted its position in shares of New Gold by 346.6% during the 4th quarter. Mackenzie Financial Corp now owns 9,635,055 shares of the company’s stock valued at $13,968,000 after purchasing an additional 7,477,711 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of New Gold by 1.0% in the 3rd quarter. American Century Companies Inc. now owns 5,095,417 shares of the company’s stock worth $4,669,000 after purchasing an additional 48,886 shares during the last quarter. 42.82% of the stock is currently owned by 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.