New Gold Inc. (NYSE:NGD) Given Consensus Recommendation of "Buy" by Analysts

Shares of New Gold Inc. (NYSE:NGD - Get Free Report) have earned an average recommendation of "Buy" from the seven research firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and two have 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 $4.13.

A number of brokerages recently issued reports on NGD. Raymond James Financial set a $4.00 price target on New Gold and gave the stock a "market perform" rating in a research note on Friday, April 4th. National Bankshares reiterated an "outperform" rating on shares of New Gold in a research report on Wednesday, April 2nd. Scotiabank reaffirmed an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and lifted their price objective for the company from $2.60 to $3.90 in a report on Wednesday, March 26th. Finally, Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research note on Friday, May 9th.

Institutional Investors Weigh In On New Gold

A number of large investors have recently made changes to their positions in NGD. SIH Partners LLLP acquired a new stake in New Gold during the 4th quarter worth about $27,000. Tudor Investment Corp ET AL acquired a new stake in shares of New Gold during the fourth quarter worth about $27,000. Samalin Investment Counsel LLC purchased a new stake in New Gold in the fourth quarter valued at approximately $32,000. Cary Street Partners Financial LLC purchased a new stake in New Gold in the first quarter valued at approximately $37,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in New Gold in the 4th quarter worth approximately $39,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Stock Performance

Shares of NGD traded down $0.02 during trading hours on Friday, hitting $4.83. The stock had a trading volume of 19,201,602 shares, compared to its average volume of 14,687,223. The firm 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. New Gold has a 12 month low of $1.91 and a 12 month high of $5.06. The stock has a fifty day moving average price of $4.22 and a 200 day moving average price of $3.39.

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.