New Gold Inc. (NYSE:NGD) Given Average Recommendation of "Buy" by Brokerages

Key Points

• New Gold Inc. has received an average recommendation of "Buy" from six research firms, with a target price of $6.46 over the next 12 months.
• CIBC significantly raised its target price for New Gold from $6.50 to $9.50, while Scotiabank also increased their target from $5.50 to $8.00.
• Institutional investors hold 42.82% of New Gold's stock, with significant increases in stakes by firms like Allspring Global Investments and Bank of New York Mellon.

Shares of New Gold Inc. (NYSE:NGD - Get Free Report) have earned an average recommendation of "Buy" from the six research firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $6.46.

NGD has been the topic of several recent analyst reports. CIBC boosted their target price on shares of New Gold from $6.50 to $9.50 and gave the company an "outperformer" rating in a report on Friday, October 10th. Raymond James Financial reaffirmed a "market perform" rating and issued a $7.00 price target on shares of New Gold in a research note on Friday, October 10th. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research note on Tuesday, September 9th. Finally, Scotiabank lifted their price target on shares of New Gold from $5.50 to $8.00 and gave the company an "outperform" rating in a research note on Thursday.

New Gold Price Performance

NGD stock opened at $6.49 on Friday. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of 49.93 and a beta of 0.46. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. New Gold has a 12-month low of $2.43 and a 12-month high of $7.59. The company's fifty day simple moving average is $6.51 and its 200 day simple moving average is $5.09.

Institutional Investors Weigh In On New Gold

Several hedge funds and other institutional investors have recently bought and sold shares of NGD. Allspring Global Investments Holdings LLC increased its stake in New Gold by 68.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,471,000 shares of the company's stock valued at $9,137,000 after purchasing an additional 1,000,000 shares in the last quarter. Bank of New York Mellon Corp increased its stake in New Gold by 40.6% in the first quarter. Bank of New York Mellon Corp now owns 70,728 shares of the company's stock valued at $262,000 after purchasing an additional 20,436 shares in the last quarter. Riggs Asset Managment Co. Inc. bought a new stake in New Gold in the first quarter valued at $1,141,000. Financial Counselors Inc. bought a new stake in shares of New Gold during the first quarter worth about $289,000. Finally, Pekin Hardy Strauss Inc. increased its position in shares of New Gold by 10.2% during the first quarter. Pekin Hardy Strauss Inc. now owns 541,750 shares of the company's stock worth $2,010,000 after acquiring an additional 50,000 shares in the last quarter. 42.82% of the stock is owned by institutional investors.

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.

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