New Gold Inc. (NYSE:NGD) Receives $4.04 Average PT from Brokerages

New Gold Inc. (NYSE:NGD - Get Free Report) has received a consensus recommendation of "Buy" from the eight ratings firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, five have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $4.04.

A number of equities analysts have issued reports on NGD shares. Scotiabank reaffirmed an "outperform" rating on shares of New Gold in a report on Monday, April 14th. National Bankshares reiterated an "outperform" rating on shares of New Gold in a report on Wednesday, April 2nd. New Street Research set a $3.90 target price on New Gold in a report on Wednesday, March 26th. Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Finally, National Bank Financial raised shares of New Gold to a "strong-buy" rating in a research report on Friday, March 21st.

New Gold Stock Down 0.2%

Shares of NYSE NGD traded down $0.01 during trading hours on Wednesday, hitting $4.39. The company had a trading volume of 21,006,758 shares, compared to its average volume of 13,306,800. New Gold has a 1-year low of $1.90 and a 1-year high of $4.46. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The firm's 50 day moving average is $3.71 and its 200-day moving average is $3.13. The stock has a market capitalization of $3.47 billion, a P/E ratio of 33.77 and a beta of 0.54.

Institutional Trading of New Gold

Hedge funds and other institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC grew its holdings in shares of New Gold by 11.6% during the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock valued at $62,363,000 after buying an additional 2,619,782 shares during the last quarter. Invesco Ltd. lifted its position in shares of New Gold by 16.9% during the 1st quarter. Invesco Ltd. now owns 15,761,737 shares of the company's stock worth $58,476,000 after buying an additional 2,280,732 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of New Gold by 23.7% in the 1st quarter. American Century Companies Inc. now owns 15,149,653 shares of the company's stock worth $56,033,000 after buying an additional 2,898,895 shares during the last quarter. JGP Global Gestao de Recursos Ltda. grew its holdings 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 acquiring an additional 4,187,997 shares in the last quarter. Finally, Bank of Montreal Can lifted its holdings in New Gold by 36.9% during the fourth quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock worth $24,203,000 after acquiring an additional 2,613,285 shares during the period. 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.