New Gold (NYSE:NGD - Get Free Report) had its price target raised by analysts at Scotiabank from $5.50 to $8.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a "sector outperform" rating on the stock. Scotiabank's price target indicates a potential upside of 23.36% from the stock's current price.
NGD has been the topic of several other research reports. National Bankshares reiterated an "outperform" rating on shares of New Gold in a report on Tuesday, September 9th. Raymond James Financial reissued a "market perform" rating and issued a $7.00 price target on shares of New Gold in a research note on Friday, October 10th. Finally, CIBC raised their price target on shares of New Gold from $6.50 to $9.50 and gave the stock an "outperformer" rating in a report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $6.46.
Check Out Our Latest Analysis on NGD
New Gold Price Performance
NYSE NGD traded up $0.07 during trading hours on Thursday, hitting $6.49. 4,968,411 shares of the company's stock traded hands, compared to its average volume of 19,073,883. The company has a market capitalization of $5.13 billion, a PE ratio of 49.83 and a beta of 0.46. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. New Gold has a 52-week low of $2.43 and a 52-week high of $7.59. The firm's 50-day moving average is $6.46 and its 200-day moving average is $5.04.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in shares of New Gold by 68.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,471,000 shares of the company's stock valued at $9,137,000 after buying an additional 1,000,000 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in New Gold by 40.6% during the 1st quarter. Bank of New York Mellon Corp now owns 70,728 shares of the company's stock valued at $262,000 after acquiring an additional 20,436 shares during the period. Riggs Asset Managment Co. Inc. purchased a new position in New Gold during the 1st quarter valued at about $1,141,000. Financial Counselors Inc. acquired a new position in New Gold in the 1st quarter valued at about $289,000. Finally, Pekin Hardy Strauss Inc. increased its stake in New Gold by 10.2% during the first quarter. Pekin Hardy Strauss Inc. now owns 541,750 shares of the company's stock worth $2,010,000 after purchasing an additional 50,000 shares during the period. 42.82% of the stock is currently owned by institutional investors and hedge funds.
New Gold Company Profile
(
Get Free Report)
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.
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