New Gold (TSE:NGD) Sets New 1-Year High - Still a Buy?

Key Points

• New Gold Inc. shares reached a new 52-week high of C$9.38, reflecting strong market performance with recent trading volume of 934,215 shares.
• Brokerage firms have shown increased confidence, with National Bankshares raising their price target from C$8.00 to C$9.50 and designating it as "outperform."
• The company has a market cap of C$7.33 billion and operates two producing mines in Canada, generating revenue from gold, copper, and silver sales.

New Gold Inc. (TSE:NGD - Get Free Report) ARCA: NGD's share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as C$9.38 and last traded at C$9.27, with a volume of 934215 shares trading hands. The stock had previously closed at C$9.03.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on NGD shares. Raymond James Financial raised shares of New Gold to a "hold" rating in a research note on Monday, June 30th. National Bankshares lifted their target price on shares of New Gold from C$8.00 to C$9.50 and gave the stock an "outperform" rating in a research note on Tuesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of C$7.48.

New Gold Stock Performance

The firm's 50-day moving average price is C$7.31 and its two-hundred day moving average price is C$6.15. The company has a debt-to-equity ratio of 45.12, a quick ratio of 1.64 and a current ratio of 1.42. The stock has a market cap of C$7.22 billion, a price-to-earnings ratio of 45.60, a PEG ratio of -3.02 and a beta of 1.21.

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.