New Gold (NYSE:NGD) Sets New 12-Month High - Still a Buy?

Key Points

• New Gold Inc. (NYSE: NGD) reached a new 52-week high of $6.51, up from a previous close of $6.30, with a trading volume of 181,589 shares.
• Analysts have given mixed ratings, with one strong buy, four buy ratings, and a consensus target price of $4.38, while CIBC raised its price objective to $6.25.
• The company has a market capitalization of $5.13 billion and significant backing from institutional investors, who own 42.82% of the stock.

New Gold Inc. (NYSE:NGD - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $6.48 and last traded at $6.51, with a volume of 181589 shares trading hands. The stock had previously closed at $6.30.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Raymond James Financial upgraded New Gold to a "hold" rating and set a $4.00 target price on the stock in a report on Monday, June 30th. National Bankshares reiterated an "outperform" rating on shares of New Gold in a report on Tuesday. Finally, CIBC lifted their price objective on New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $4.56.

New Gold Stock Down 0.2%

The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The firm has a fifty day simple moving average of $5.13 and a 200-day simple moving average of $4.31. The company has a market capitalization of $5.16 billion, a PE ratio of 50.16 and a beta of 0.43.

Institutional Investors Weigh In On New Gold

A number of institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. increased its holdings in shares of New Gold by 182.8% in the 2nd quarter. Osaic Holdings Inc. now owns 19,371 shares of the company's stock valued at $87,000 after acquiring an additional 12,521 shares during the last quarter. Coppell Advisory Solutions LLC bought a new stake in shares of New Gold in the 2nd quarter valued at approximately $133,000. State of Wyoming increased its holdings in shares of 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 acquiring an additional 6,465 shares during the last quarter. FORA Capital LLC increased its holdings in shares of New Gold by 111.8% in the 2nd quarter. FORA Capital LLC now owns 320,208 shares of the company's stock valued at $1,585,000 after acquiring an additional 169,040 shares during the last quarter. Finally, Corient Private Wealth LLC bought a new stake in shares of New Gold in the 2nd quarter valued at approximately $278,000. 42.82% of the stock is currently owned by institutional investors.

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.