New Gold Inc. (NYSE:NGD) Given Average Rating of "Buy" by Analysts

Key Points

• New Gold Inc. has received a consensus rating of "Buy" from six analysts, with one hold, four buy, and one strong buy rating.
• The average target price for New Gold's stock over the next year is $4.38, with recent upgrades from various analysts reflecting positive sentiment.
• Institutional investors hold approximately 42.82% of New Gold’s shares, with notable increases from hedge funds like JGP Global Gestao de Recursos Ltda. and Dimensional Fund Advisors LP.

Shares of New Gold Inc. (NYSE:NGD - Get Free Report) have received a consensus recommendation of "Buy" from the six ratings firms that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $4.3833.

NGD has been the subject of several research analyst reports. Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 price target for the company in a research report on Monday, June 30th. CIBC boosted their price objective on shares of New Gold from $5.50 to $6.25 and gave the company an "outperformer" rating in a report on Tuesday, July 15th. Wall Street Zen raised shares of New Gold from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Finally, National Bankshares reissued an "outperform" rating on shares of New Gold in a research report on Tuesday, June 24th.

New Gold Stock Performance

NGD traded up $0.11 on Monday, hitting $5.15. 5,371,605 shares of the company's stock were exchanged, compared to its average volume of 19,899,090. The firm has a market cap of $4.07 billion, a PE ratio of 39.58 and a beta of 0.38. New Gold has a twelve month low of $2.31 and a twelve month high of $5.17. The stock has a fifty day moving average of $4.70 and a two-hundred day moving average of $3.87. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Institutional Trading of New Gold

Several hedge funds and other institutional investors have recently bought and sold shares of the company. LPL Financial LLC raised its holdings in shares of New Gold by 9.3% during the fourth quarter. LPL Financial LLC now owns 143,964 shares of the company's stock valued at $357,000 after acquiring an additional 12,292 shares in the last quarter. Geode Capital Management LLC raised its holdings in New Gold by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 391,274 shares of the company's stock worth $987,000 after purchasing an additional 18,901 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in New Gold by 213.8% in the fourth quarter. Russell Investments Group Ltd. now owns 512,510 shares of the company's stock worth $1,273,000 after purchasing an additional 349,167 shares in the last quarter. Invesco Ltd. raised its holdings in New Gold by 3.6% in the fourth quarter. Invesco Ltd. now owns 13,481,005 shares of the company's stock worth $33,433,000 after purchasing an additional 469,748 shares in the last quarter. Finally, Bank of Nova Scotia bought a new position in New Gold in the fourth quarter worth $68,000. Hedge funds and other institutional investors own 42.82% of the company's stock.

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.