Oxbow Advisors LLC Raises Stock Position in New Gold Inc. $NGD

Key Points

• Oxbow Advisors LLC increased its stake in New Gold Inc. by 403.6% during Q2, owning 1,422,056 shares valued at approximately $7.04 million.
• CIBC raised their target price for New Gold from $6.50 to $9.50, giving it an "outperformer" rating, while the consensus rating remains a "Buy" with an average target price of $5.81.
• New Gold Inc. trades at $7.49 with a market cap of $5.93 billion and has shown significant price variability, with a 52-week range between $2.43 and $7.59.

Oxbow Advisors LLC boosted its stake in shares of New Gold Inc. (NYSE:NGD - Free Report) by 403.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,422,056 shares of the company's stock after purchasing an additional 1,139,656 shares during the period. New Gold comprises about 0.8% of Oxbow Advisors LLC's investment portfolio, making the stock its 29th biggest position. Oxbow Advisors LLC owned approximately 0.18% of New Gold worth $7,039,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in NGD. Cary Street Partners Financial LLC purchased a new position in shares of New Gold in the 1st quarter worth $37,000. Nwam LLC bought a new stake in shares of New Gold in the 1st quarter valued at about $45,000. Private Advisor Group LLC bought a new position in shares of New Gold in the 1st quarter worth $50,000. Banque Cantonale Vaudoise purchased a new stake in New Gold during the first quarter valued at approximately $56,000. Finally, Tradition Wealth Management LLC acquired a new position in shares of New Gold during the first quarter worth $56,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. CIBC boosted their target price on shares of New Gold from $6.50 to $9.50 and gave the company an "outperformer" rating in a research report on Friday, October 10th. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research report on Tuesday, September 9th. Finally, Raymond James Financial reissued a "market perform" rating and set a $7.00 target price on shares of New Gold in a research note on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $5.81.

New Gold Stock Performance

Shares of NGD stock opened at $7.49 on Friday. The company's fifty day simple moving average is $6.32 and its 200-day simple moving average is $4.95. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. New Gold Inc. has a 52 week low of $2.43 and a 52 week high of $7.59. The company has a market cap of $5.93 billion, a PE ratio of 57.62 and a beta of 0.46.

About New Gold

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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