New Gold Inc. (NYSE:NGD) Receives Consensus Recommendation of "Buy" from Brokerages

Key Points

• New Gold Inc. has received a "Buy" consensus rating from five research firms, with an average 12-month price target of $4.56.
• Institutional investors have been actively increasing their stakes in New Gold, with Creative Planning raising its holdings by 8.1% in the second quarter.
• The stock opened at $6.94, showing a significant increase from its 52-week low of $2.43 and a market capitalization of $5.49 billion.

New Gold Inc. (NYSE:NGD - Get Free Report) has been given a consensus rating of "Buy" by the five research firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $4.56.

Several brokerages have commented on NGD. CIBC raised their target price on shares of New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a report on Tuesday, July 15th. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research note on Tuesday, September 9th. Finally, Raymond James Financial upgraded New Gold to a "hold" rating and set a $4.00 target price for the company in a report on Monday, June 30th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning raised its holdings in New Gold by 8.1% in the 2nd quarter. Creative Planning now owns 27,575 shares of the company's stock valued at $136,000 after acquiring an additional 2,071 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of New Gold by 0.6% in the second quarter. Russell Investments Group Ltd. now owns 473,856 shares of the company's stock valued at $2,342,000 after purchasing an additional 2,679 shares in the last quarter. Hsbc Holdings PLC lifted its position in New Gold by 17.8% in the first quarter. Hsbc Holdings PLC now owns 25,176 shares of the company's stock worth $93,000 after purchasing an additional 3,808 shares during the period. Oxbow Advisors LLC boosted its stake in New Gold by 1.9% during the first quarter. Oxbow Advisors LLC now owns 282,400 shares of the company's stock worth $1,048,000 after buying an additional 5,400 shares in the last quarter. Finally, State of Wyoming increased its holdings in New Gold by 32.1% in the 2nd quarter. State of Wyoming now owns 26,600 shares of the company's stock valued at $132,000 after buying an additional 6,465 shares during the period. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Stock Performance

Shares of NYSE NGD opened at $6.94 on Tuesday. The stock's fifty day simple moving average is $5.59 and its 200 day simple moving average is $4.62. The stock has a market capitalization of $5.49 billion, a price-to-earnings ratio of 53.39 and a beta of 0.43. 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 52-week low of $2.43 and a 52-week high of $7.21.

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.