New Gold (TSE:NGD) Reaches New 1-Year High – Still a Buy?

New Gold Inc. (TSE:NGD) (ARCA:NGD) hit a new 52-week high during trading on Monday . The stock traded as high as C$18.62 and last traded at C$17.88, with a volume of 1980224 shares trading hands. The stock had previously closed at C$17.59.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on NGD. TD Securities upgraded shares of New Gold from a “hold” rating to a “buy” rating and upped their target price for the stock from C$7.50 to C$12.00 in a research report on Monday, December 1st. National Bankshares boosted their price target on New Gold from C$11.50 to C$12.50 and gave the stock an “outperform” rating in a research note on Thursday, October 30th. Finally, Canaccord Genuity Group raised their price objective on New Gold from C$9.00 to C$12.50 in a research note on Thursday, October 2nd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of C$10.61.

New Gold Stock Performance

The company has a quick ratio of 1.64, a current ratio of 1.42 and a debt-to-equity ratio of 45.12. The stock has a fifty day moving average price of C$12.28 and a two-hundred day moving average price of C$9.74. The company has a market capitalization of C$13.55 billion, a price-to-earnings ratio of 53.50, a PEG ratio of -3.02 and a beta of 1.92.

New Gold (TSE:NGD) (ARCA:NGD) last issued its quarterly earnings results on Tuesday, October 28th. The company reported C$0.25 EPS for the quarter. New Gold had a net margin of 2.33% and a return on equity of 2.31%. The business had revenue of C$643.99 million during the quarter.

About New Gold

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.