New Gold (TSE:NGD) Sets New 52-Week High - Still a Buy?

Key Points

• New Gold Inc. (TSE:NGD) reached a new 52-week high of C$10.59 amid trading, with the stock closing at C$10.54.
• Analysts have raised their price targets for New Gold, with Canaccord Genuity setting a new target of C$12.50 and a consensus rating of Buy.
• The company, which operates mines in Canada and Mexico, has a market cap of C$8.34 billion and offers a diverse portfolio that includes gold, copper, and silver.

New Gold Inc. (TSE:NGD - Get Free Report) ARCA: NGD's share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$10.59 and last traded at C$10.54, with a volume of 1336531 shares. The stock had previously closed at C$10.27.

Analysts Set New Price Targets

NGD has been the topic of several research analyst reports. Canaccord Genuity Group raised their price objective on shares of New Gold from C$9.00 to C$12.50 in a research note on Thursday, October 2nd. Raymond James Financial upgraded shares of New Gold to a "hold" rating in a research report on Monday, June 30th. Finally, National Bankshares lifted their target price on New Gold from C$8.00 to C$9.50 and gave the stock an "outperform" rating in a research report on Tuesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of C$9.15.

New Gold Trading Up 2.5%

The firm has a market cap of C$8.34 billion, a price-to-earnings ratio of 52.65, a price-to-earnings-growth ratio of -3.02 and a beta of 1.93. The company has a current ratio of 1.42, a quick ratio of 1.64 and a debt-to-equity ratio of 45.12. The company has a 50 day moving average of C$8.68 and a 200 day moving average of C$6.80.

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.

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