Condire Management LP Sells 2,143,082 Shares of New Gold Inc. (NYSE:NGD)

Condire Management LP lowered its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 6.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,739,918 shares of the company's stock after selling 2,143,082 shares during the period. New Gold makes up approximately 11.8% of Condire Management LP's portfolio, making the stock its 3rd largest position. Condire Management LP owned about 4.14% of New Gold worth $81,195,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC increased its position in shares of New Gold by 2.0% during the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company's stock valued at $1,084,000 after acquiring an additional 7,394 shares during the last quarter. DGS Capital Management LLC purchased a new position in shares of New Gold during the 4th quarter worth approximately $30,000. Caprock Group LLC increased its holdings in New Gold by 118.2% in the 4th quarter. Caprock Group LLC now owns 1,745,627 shares of the company's stock valued at $4,329,000 after purchasing an additional 945,453 shares during the last quarter. JGP Global Gestao de Recursos Ltda. raised its position in New Gold by 27.8% in the fourth quarter. JGP Global Gestao de Recursos Ltda. now owns 6,500,000 shares of the company's stock valued at $16,120,000 after purchasing an additional 1,412,003 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in New Gold by 0.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company's stock worth $3,669,000 after purchasing an additional 4,500 shares in the last quarter. Hedge funds and other institutional investors own 42.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NGD. National Bank Financial upgraded New Gold to a "strong-buy" rating in a report on Friday, March 21st. Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and boosted their price target for the stock from $2.60 to $3.90 in a research note on Wednesday, March 26th. National Bankshares restated an "outperform" rating on shares of New Gold in a report on Wednesday, April 2nd. Scotiabank reiterated an "outperform" rating on shares of New Gold in a report on Monday, April 14th. Finally, StockNews.com downgraded shares of New Gold from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $3.85.

New Gold Stock Performance

Shares of NGD stock opened at $4.20 on Wednesday. New Gold Inc. has a 12 month low of $1.74 and a 12 month high of $4.21. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The company has a market cap of $3.32 billion, a P/E ratio of 32.31 and a beta of 0.54. The firm has a fifty day moving average price of $3.36 and a 200 day moving average price of $2.98.

New Gold 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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