New Gold (TSE:NGD) Hits New 52-Week High – Here’s Why

New Gold Inc. (TSE:NGD) (ARCA:NGD) shares hit a new 52-week high during mid-day trading on Monday . The company 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.

Wall Street Analysts Forecast Growth

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

New Gold Price Performance

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

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

New Gold Company Profile

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.