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 been assigned a consensus rating of "Buy" from the six analysts that are covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $4.3833.

A number of analysts have recently issued reports on the stock. Scotiabank reaffirmed an "outperform" rating on shares of New Gold in a report on Monday, April 14th. National Bankshares reiterated an "outperform" rating on shares of New Gold in a research report on Tuesday, June 24th. Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 target price on the stock in a research report on Monday, June 30th. Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Finally, CIBC lifted their target price on shares of New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a research report on Tuesday, July 15th.

Hedge Funds Weigh In On New Gold

A number of hedge funds have recently modified their holdings of NGD. Pale Fire Capital SE purchased a new position in shares of New Gold in the first quarter valued at about $23,920,000. JGP Global Gestao de Recursos Ltda. increased 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 valued at $39,652,000 after acquiring an additional 4,187,997 shares during the period. Dimensional Fund Advisors LP increased its position in shares of New Gold by 97.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock valued at $14,742,000 after acquiring an additional 2,931,470 shares during the period. American Century Companies Inc. increased its position in shares of New Gold by 23.7% in the first quarter. American Century Companies Inc. now owns 15,149,653 shares of the company's stock valued at $56,033,000 after acquiring an additional 2,898,895 shares during the period. Finally, Nokomis Capital L.L.C. increased its position in shares of New Gold by 203.8% in the fourth quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company's stock valued at $10,285,000 after acquiring an additional 2,782,296 shares during the period. Hedge funds and other institutional investors own 42.82% of the company's stock.

New Gold Stock Performance

NYSE NGD opened at $4.88 on Monday. New Gold has a 52-week low of $2.12 and a 52-week high of $5.16. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The company has a market capitalization of $3.86 billion, a P/E ratio of 37.54 and a beta of 0.38. The company has a fifty day moving average of $4.68 and a 200-day moving average of $3.84.

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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