Brokerages Set New Gold Inc. (NYSE:NGD) PT at $3.85

Shares of New Gold Inc. (NYSE:NGD - Get Free Report) have received a consensus recommendation of "Buy" from the ten analysts that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $3.85.

A number of brokerages have issued reports on NGD. New Street Research set a $3.90 target price on New Gold in a research note on Wednesday, March 26th. CIBC lowered their price objective on New Gold from $3.60 to $3.40 and set an "outperform" rating for the company in a research report on Thursday, February 27th. National Bank Financial raised New Gold to a "strong-buy" rating in a research note on Friday, March 21st. StockNews.com lowered New Gold from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Finally, Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and boosted their price objective for the company from $2.60 to $3.90 in a report on Wednesday, March 26th.

New Gold Price Performance

Shares of New Gold stock traded up $0.27 on Friday, reaching $4.20. The company's stock had a trading volume of 29,336,373 shares, compared to its average volume of 12,539,524. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $3.32 billion, a P/E ratio of 32.31 and a beta of 0.54. New Gold has a 52-week low of $1.74 and a 52-week high of $4.20. The stock has a 50-day moving average price of $3.33 and a 200-day moving average price of $2.97.

Hedge Funds Weigh In On New Gold

A number of large investors have recently made changes to their positions in NGD. Geode Capital Management LLC lifted its position in shares of New Gold by 2.0% during the 3rd 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 period. Virtu Financial LLC acquired a new position in New Gold during the third quarter worth $941,000. Lord Abbett & CO. LLC purchased a new stake in New Gold during the third quarter worth $4,435,000. DGS Capital Management LLC acquired a new stake in New Gold in the fourth quarter valued at $30,000. Finally, Caprock Group LLC raised its stake in shares of New Gold by 118.2% during the 4th quarter. Caprock Group LLC now owns 1,745,627 shares of the company's stock worth $4,329,000 after buying an additional 945,453 shares during the last quarter. Hedge funds and other institutional investors 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.