New Gold Inc. (NYSE:NGD) Receives Average Rating of "Buy" from Brokerages

Shares of New Gold Inc. (NYSE:NGD - Get Free Report) have earned an average recommendation of "Buy" from the ten research firms that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $3.85.

Several research firms have weighed in on NGD. National Bankshares reissued an "outperform" rating on shares of New Gold in a research note on Wednesday, April 2nd. StockNews.com cut New Gold from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. CIBC reduced their price target on New Gold from $3.60 to $3.40 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. New Street Research set a $3.90 price objective on New Gold in a research note on Wednesday, March 26th. Finally, Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and raised their target price for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th.

New Gold Price Performance

NGD traded up $0.01 during midday trading on Friday, hitting $4.09. The stock had a trading volume of 2,296,086 shares, compared to its average volume of 12,668,384. New Gold has a 1 year low of $1.74 and a 1 year high of $4.21. 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 business has a fifty day moving average of $3.39 and a 200 day moving average of $2.99. The company has a market cap of $3.24 billion, a P/E ratio of 31.46 and a beta of 0.54.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Hillsdale Investment Management Inc. boosted its stake in shares of New Gold by 97.1% during the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company's stock valued at $23,657,000 after purchasing an additional 4,671,399 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in New Gold by 97.3% during the 4th 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 in the last quarter. Nokomis Capital L.L.C. grew its holdings in shares of New Gold by 203.8% during the 4th quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company's stock worth $10,285,000 after acquiring an additional 2,782,296 shares during the period. Renaissance Technologies LLC grew its holdings in shares of New Gold by 11.6% during the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock worth $62,363,000 after acquiring an additional 2,619,782 shares during the period. Finally, Bank of Montreal Can raised its position in shares of New Gold by 36.9% in the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock worth $24,203,000 after acquiring an additional 2,613,285 shares in the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

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.