Brokerages Set New Gold Inc. (NYSEAMERICAN:NGD) Target Price at $1.64

New Gold Inc. (NYSEAMERICAN:NGD) has been assigned a consensus recommendation of “Hold” from the four analysts that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $1.64.

A number of analysts have recently weighed in on NGD shares. TheStreet upgraded New Gold from a “d” rating to a “c-” rating in a research report on Thursday, July 27th. TD Securities increased their price objective on New Gold from $1.00 to $1.05 and gave the stock a “reduce” rating in a report on Friday, October 27th. StockNews.com lowered New Gold from a “buy” rating to a “hold” rating in a report on Thursday. CSFB decreased their price objective on New Gold from $1.20 to $1.15 and set a “neutral” rating for the company in a report on Thursday, August 17th. Finally, BMO Capital Markets increased their price objective on New Gold from $2.00 to $2.25 and gave the stock an “outperform” rating in a report on Friday, October 6th.

New Gold Trading Down 0.8 %

Shares of New Gold stock opened at $1.18 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.63 and a quick ratio of 1.00. The business’s 50 day moving average is $1.24. The firm has a market cap of $807.72 million, a PE ratio of -16.85, a price-to-earnings-growth ratio of 0.38 and a beta of 1.58. New Gold has a twelve month low of $0.81 and a twelve month high of $1.48.

Hedge Funds Weigh In On New Gold

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in New Gold during the 1st quarter valued at $33,000. Citigroup Inc. boosted its stake in shares of New Gold by 127.1% during the 1st quarter. Citigroup Inc. now owns 22,707 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 12,707 shares in the last quarter. AE Wealth Management LLC bought a new stake in shares of New Gold during the 2nd quarter worth $28,000. Commonwealth Equity Services LLC bought a new stake in shares of New Gold during the 3rd quarter worth $25,000. Finally, CreativeOne Wealth LLC bought a new stake in shares of New Gold during the 2nd quarter worth $33,000. 31.78% of the stock is owned by institutional investors.

About New Gold

New Gold Inc, an intermediate gold mining company, engages in the exploration, development, and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River mine located in Ontario, Canada; New Afton mine situated in British Columbia, Canada; and the Cerro San Pedro mine in San Luis Potosí, Mexico.