New Gold (TSE:NGD) Lifted to Strong-Buy at Cibc World Mkts

Cibc World Mkts upgraded shares of New Gold (TSE:NGD) (ARCA:NGD) to a strong-buy rating in a report issued on Monday morning, Zacks.com reports.

NGD has been the topic of a number of other research reports. National Bankshares raised New Gold from a sector perform rating to an outperform rating and raised their target price for the company from C$3.25 to C$3.50 in a report on Tuesday, May 21st. 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. BMO Capital Markets upped their target price on shares of New Gold from C$3.00 to C$3.50 and gave the company an outperform rating in a research note on Friday, May 31st. CIBC upgraded shares of New Gold from a neutral rating to an outperform rating and raised their price target for the stock from C$2.10 to C$3.00 in a research report on Monday. Finally, Bank of America upped their price objective on shares of New Gold from C$1.90 to C$2.30 in a research report on Tuesday, April 9th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Buy and a consensus target price of C$3.06.

New Gold Price Performance

TSE NGD opened at C$2.93 on Monday. New Gold has a 1 year low of C$1.17 and a 1 year high of C$3.15. The company has a fifty day simple moving average of C$2.56 and a 200 day simple moving average of C$2.11. The company has a current ratio of 1.51, a quick ratio of 1.64 and a debt-to-equity ratio of 54.32. The company has a market cap of C$2.02 billion, a P/E ratio of -20.93, a P/E/G ratio of -3.02 and a beta of 1.60.

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