CIBC Raises New Gold (NYSE:NGD) Price Target to $9.50

Key Points

• CIBC has raised New Gold's price target from $6.50 to $9.50, indicating a potential upside of 38.79% from the company's previous close, and maintains an "outperformer" rating on the stock.
• New Gold's current consensus rating is "Buy," with one analyst rating it as a Strong Buy and multiple others assigning Buy and Hold ratings.
• Significant institutional buying has been reported, with several large investors increasing their stakes in New Gold, reflecting growing confidence in the company's stock.

New Gold (NYSE:NGD - Get Free Report) had its target price hoisted by CIBC from $6.50 to $9.50 in a report issued on Friday,Benzinga reports. The brokerage presently has an "outperformer" rating on the stock. CIBC's target price suggests a potential upside of 38.79% from the company's previous close.

A number of other equities analysts have also recently commented on the stock. Raymond James Financial reaffirmed a "market perform" rating and set a $7.00 price target on shares of New Gold in a research note on Friday. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research note on Tuesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, New Gold presently has a consensus rating of "Buy" and an average price target of $5.81.

New Gold Stock Performance

Shares of NGD traded up $0.03 on Friday, reaching $6.85. The company's stock had a trading volume of 11,650,153 shares, compared to its average volume of 19,219,457. New Gold has a 12-month low of $2.43 and a 12-month high of $7.59. The stock has a market capitalization of $5.42 billion, a P/E ratio of 52.58 and a beta of 0.46. The stock's 50 day simple moving average is $6.05 and its two-hundred day simple moving average is $4.82. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

Institutional Trading of New Gold

Several large investors have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership raised its holdings in shares of New Gold by 89.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company's stock worth $143,011,000 after purchasing an additional 13,591,642 shares during the period. Pale Fire Capital SE acquired a new position in shares of New Gold during the 1st quarter valued at $23,920,000. JPMorgan Chase & Co. grew its holdings in shares of New Gold by 86.4% during the second quarter. JPMorgan Chase & Co. now owns 11,465,579 shares of the company's stock valued at $56,755,000 after buying an additional 5,314,473 shares in the last quarter. JGP Global Gestao de Recursos Ltda. lifted its position in shares of New Gold by 64.4% in the first quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company's stock worth $39,652,000 after buying an additional 4,187,997 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its position in shares of New Gold by 872.4% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 3,673,684 shares of the company's stock worth $18,211,000 after purchasing an additional 3,295,905 shares during the last quarter. Institutional investors and hedge funds own 42.82% of the company's stock.

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.

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