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

Shares of New Gold Inc. (NYSE:NGD - Get Free Report) have received a consensus recommendation of "Buy" from the seven research firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $4.13.

A number of equities analysts have issued reports on the stock. CIBC lifted their price objective on shares of New Gold from $3.40 to $4.75 and gave the stock an "outperformer" rating in a report on Thursday, May 8th. Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and increased their price objective for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. National Bankshares reissued an "outperform" rating on shares of New Gold in a research report on Wednesday, April 2nd. National Bank Financial raised New Gold to a "strong-buy" rating in a report on Friday, March 21st. Finally, Scotiabank reiterated an "outperform" rating on shares of New Gold in a report on Monday, April 14th.

New Gold Price Performance

Shares of NYSE NGD opened at $4.83 on Friday. New Gold has a fifty-two week low of $1.91 and a fifty-two week high of $4.98. The stock has a market capitalization of $3.82 billion, a PE ratio of 37.16 and a beta of 0.44. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The business has a fifty day moving average price of $4.17 and a two-hundred day moving average price of $3.36.

Institutional Investors Weigh In On New Gold

A number of hedge funds have recently modified their holdings of NGD. Pale Fire Capital SE purchased a new stake in New Gold in the first quarter worth $23,920,000. Hillsdale Investment Management Inc. grew 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 worth $23,657,000 after acquiring an additional 4,671,399 shares during the period. JGP Global Gestao de Recursos Ltda. increased its holdings in New Gold by 64.4% in the 1st quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company's stock worth $39,652,000 after acquiring an additional 4,187,997 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in New Gold by 97.3% in 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 during the period. Finally, American Century Companies Inc. lifted its holdings in 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 purchasing an additional 2,898,895 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.