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

Key Points

• New Gold Inc. (NYSE:NGD) has received an average rating of "Buy" from analysts, with six firms covering the stock, including four buy ratings and one strong buy rating.
• The average 1-year price target set by analysts for New Gold is $4.38, with CIBC recently increasing their target to $6.25.
• Institutional investors and hedge funds hold 42.82% of New Gold's stock, with significant recent increases in stakes by firms like Arrowstreet Capital and JPMorgan Chase.

Shares of New Gold Inc. (NYSE:NGD - Get Free Report) have received an average recommendation of "Buy" from the six ratings firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $4.3833.

NGD has been the subject of several recent analyst reports. CIBC upped their price objective on New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a research report on Tuesday, July 15th. Wall Street Zen upgraded New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. National Bankshares restated an "outperform" rating on shares of New Gold in a research report on Tuesday, June 24th. Finally, Raymond James Financial raised New Gold to a "hold" rating and set a $4.00 target price for the company in a report on Monday, June 30th.

New Gold Price Performance

Shares of NGD stock opened at $6.14 on Friday. 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 twelve month low of $2.33 and a twelve month high of $6.29. The company has a market cap of $4.86 billion, a P/E ratio of 47.23 and a beta of 0.42. The business has a fifty day simple moving average of $4.94 and a 200 day simple moving average of $4.16.

Hedge Funds Weigh In On New Gold

A number of institutional investors and hedge funds have recently bought and sold shares of NGD. Arrowstreet Capital Limited Partnership increased its stake in shares of New Gold by 89.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company's stock valued at $143,011,000 after buying an additional 13,591,642 shares during the period. Pale Fire Capital SE acquired a new stake in shares of New Gold in the first quarter valued at about $23,920,000. JPMorgan Chase & Co. increased its stake in shares of New Gold by 86.4% in the second quarter. JPMorgan Chase & Co. now owns 11,465,579 shares of the company's stock valued at $56,755,000 after buying an additional 5,314,473 shares during the period. JGP Global Gestao de Recursos Ltda. increased its stake 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 buying an additional 4,187,997 shares during the period. Finally, Cubist Systematic Strategies LLC increased its stake in shares of New Gold by 872.4% in the second quarter. Cubist Systematic Strategies LLC now owns 3,673,684 shares of the company's stock valued at $18,211,000 after buying an additional 3,295,905 shares during the period. Institutional investors and hedge funds own 42.82% of the company's stock.

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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