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

New Gold Inc. (NYSE:NGD - Get Free Report) has earned a consensus recommendation of "Buy" from the six analysts that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $4.38.

Several analysts have recently commented on the stock. Scotiabank reaffirmed an "outperform" rating on shares of New Gold in a research report on Monday, April 14th. New Street Research set a $3.90 price objective on New Gold in a report on Wednesday, March 26th. Raymond James Financial raised 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 raised New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Finally, Bank of America raised New Gold from an "underperform" rating to a "buy" rating and boosted their price objective for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th.

Institutional Investors Weigh In On New Gold

A number of large investors have recently added to or reduced their stakes in the company. Pale Fire Capital SE bought a new position in shares of New Gold during the first quarter valued at about $23,920,000. Hillsdale Investment Management Inc. grew its stake in shares of New Gold by 97.1% during the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company's stock valued at $23,657,000 after buying an additional 4,671,399 shares during the last quarter. JGP Global Gestao de Recursos Ltda. grew its stake in shares of New Gold by 64.4% during 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 buying an additional 4,187,997 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of New Gold by 97.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock valued at $14,742,000 after buying an additional 2,931,470 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in shares of New Gold by 23.7% during the first quarter. American Century Companies Inc. now owns 15,149,653 shares of the company's stock valued at $56,033,000 after buying an additional 2,898,895 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company's stock.

New Gold Trading Down 0.9%

NGD stock traded down $0.04 during trading on Thursday, hitting $4.30. The company had a trading volume of 11,835,856 shares, compared to its average volume of 15,325,666. The business has a 50-day moving average of $4.58 and a 200-day moving average of $3.65. New Gold has a one year low of $1.94 and a one year high of $5.16. The stock has a market cap of $3.40 billion, a PE ratio of 33.08 and a beta of 0.45. 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 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.