New Gold (TSE:NGD) Sets New 12-Month High - Here's What Happened

Key Points

• New Gold Inc. shares reached a new 12-month high, trading at C$8.37 with a recent price of C$8.33, reflecting positive momentum in the stock.
• Analysts have upgraded the stock ratings, with an average rating of "Buy" and a target price of C$5.45.
• The company operates two producing mines in Canada and ranks with a market cap of C$6.67 billion and a PE ratio of 42.10.

Shares of New Gold Inc. (TSE:NGD - Get Free Report) ARCA: NGD hit a new 52-week high on Tuesday . The stock traded as high as C$8.37 and last traded at C$8.33, with a volume of 1098516 shares changing hands. The stock had previously closed at C$8.10.

Analysts Set New Price Targets

Separately, Raymond James Financial upgraded New Gold to a "hold" rating in a report on Monday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of C$5.45.

New Gold Trading Up 2.6%

The firm has a market cap of C$6.92 billion, a P/E ratio of 43.70, a price-to-earnings-growth ratio of -3.02 and a beta of 1.21. The stock has a fifty day simple moving average of C$6.84 and a 200 day simple moving average of C$5.82. The company has a debt-to-equity ratio of 45.12, a quick ratio of 1.64 and a current ratio of 1.42.

About New Gold

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.