New Gold (TSE:NGD) Hits New 12-Month High - What's Next?

Key Points

• New Gold hit a 52-week high — shares traded as high as C$12.20 (last C$12.08) on heavy volume (~360,568) after closing the prior session at C$11.47.
• Analysts have upgraded forecasts and ratings — several firms raised price targets into the C$12.00–C$12.50 range and the stock has a MarketBeat consensus "Buy" (average target C$10.61).
• Fundamentals show revenue growth but an elevated valuation — market cap C$9.75B and quarterly EPS of C$0.25 on C$644M revenue, with a P/E of 38.47 and bullish technicals (50-day C$10.25 vs. 200-day C$8.43).

New Gold Inc. (TSE:NGD - Get Free Report) ARCA: NGD's share price reached a new 52-week high on Friday . The company traded as high as C$12.20 and last traded at C$12.08, with a volume of 360568 shares changing hands. The stock had previously closed at C$11.47.

Analysts Set New Price Targets

Several research firms recently issued reports on NGD. National Bankshares lifted their price objective on shares of New Gold from C$11.50 to C$12.50 and gave the company an "outperform" rating in a research note on Thursday, October 30th. Canaccord Genuity Group boosted their price target on New Gold from C$9.00 to C$12.50 in a research report on Thursday, October 2nd. Finally, TD Securities raised New Gold from a "hold" rating to a "buy" rating and increased their price objective for the company from C$7.50 to C$12.00 in a report on Monday, December 1st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of C$10.61.

New Gold Stock Performance

The stock has a market cap of C$9.75 billion, a price-to-earnings ratio of 38.47, a price-to-earnings-growth ratio of -3.02 and a beta of 2.02. The company has a debt-to-equity ratio of 45.12, a quick ratio of 1.64 and a current ratio of 1.42. The stock's 50-day simple moving average is C$10.25 and its two-hundred day simple moving average is C$8.43.

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

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.

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