New Gold Sees Unusually Large Options Volume (NYSE:NGD)

New Gold Inc. (NYSE:NGD) saw some unusual options trading activity on Wednesday. Stock traders bought 11,513 call options on the company. This represents an increase of approximately 156% compared to the typical volume of 4,491 call options.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp increased its holdings in shares of New Gold by 5.0% in the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after purchasing an additional 3,541,882 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of New Gold by 11.6% in the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock valued at $62,363,000 after purchasing an additional 2,619,782 shares in the last quarter. Invesco Ltd. raised its stake in shares of New Gold by 3.6% in the 4th quarter. Invesco Ltd. now owns 13,481,005 shares of the company’s stock valued at $33,433,000 after acquiring an additional 469,748 shares during the period. American Century Companies Inc. raised its stake in shares of New Gold by 3.9% during the fourth quarter. American Century Companies Inc. now owns 12,250,758 shares of the company’s stock valued at $30,577,000 after purchasing an additional 459,317 shares during the period. Finally, Bank of Montreal Can increased its holdings in New Gold by 36.9% during the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company’s stock worth $24,203,000 after purchasing an additional 2,613,285 shares during the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Up 2.8 %

Shares of NYSE:NGD traded up $0.08 on Wednesday, hitting $2.80. 6,236,520 shares of the company’s stock were exchanged, compared to its average volume of 12,640,867. The company has a market capitalization of $2.21 billion, a PE ratio of 21.50 and a beta of 1.36. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. New Gold has a 1-year low of $1.11 and a 1-year high of $3.25. The firm’s 50-day moving average is $2.77 and its 200 day moving average is $2.77.

Analysts Set New Price Targets

Separately, Scotiabank lifted their price target on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $3.60.

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.