New Gold (TSE:NGD) Rating Increased to Strong-Buy at Scotiabank

New Gold (TSE:NGD) (ARCA:NGD) was upgraded by Scotiabank from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday, Zacks.com reports.

NGD has been the topic of several other reports. Bank of America increased their price objective on shares of New Gold from C$1.90 to C$2.30 in a report on Tuesday, April 9th. Canaccord Genuity Group upped their target price on shares of New Gold from C$2.75 to C$3.00 in a research note on Tuesday, April 23rd. National Bankshares raised shares of New Gold from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from C$3.25 to C$3.50 in a research report on Tuesday. Finally, National Bank Financial raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, New Gold presently has an average rating of “Buy” and a consensus target price of C$2.76.

New Gold Stock Performance

TSE NGD opened at C$2.68 on Tuesday. The stock has a market cap of C$1.85 billion, a P/E ratio of -19.14, a PEG ratio of -3.02 and a beta of 1.60. The company’s 50-day simple moving average is C$2.44 and its 200 day simple moving average is C$2.02. New Gold has a twelve month low of C$1.17 and a twelve month high of C$3.00. The company has a quick ratio of 1.64, a current ratio of 1.51 and a debt-to-equity ratio of 54.32.

New Gold (TSE:NGD) (ARCA:NGD) last released its quarterly earnings results on Tuesday, April 30th. The company reported C$0.03 EPS for the quarter, beating analysts’ consensus estimates of C$0.01 by C$0.02. New Gold had a negative net margin of 9.81% and a negative return on equity of 9.44%. The firm had revenue of C$258.98 million for the quarter. As a group, research analysts forecast that New Gold will post 0.2190332 earnings per share for the current fiscal year.

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.