New Gold Inc. (NYSE:NGD) Given Average Rating of “Buy” by Brokerages

New Gold Inc. (NYSE:NGD) has received a consensus rating of “Buy” from the six brokerages that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $3.60.

A number of research firms recently weighed in on NGD. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Scotiabank lifted their price target on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday.

Institutional Trading of New Gold

Several hedge funds have recently modified their holdings of the company. Jane Street Group LLC grew its holdings in shares of New Gold by 6.4% in the fourth quarter. Jane Street Group LLC now owns 723,191 shares of the company’s stock valued at $1,794,000 after purchasing an additional 43,449 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new position in New Gold during the fourth quarter valued at $39,000. The Manufacturers Life Insurance Company grew its stake in shares of New Gold by 66.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,336,963 shares of the company’s stock valued at $3,335,000 after buying an additional 531,564 shares during the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of New Gold during the fourth quarter valued at $27,000. Finally, Aquatic Capital Management LLC boosted its holdings in shares of New Gold by 187.8% in the fourth quarter. Aquatic Capital Management LLC now owns 591,640 shares of the company’s stock valued at $1,467,000 after purchasing an additional 386,040 shares during the period. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Price Performance

Shares of NGD stock opened at $2.91 on Monday. The business’s 50 day moving average price is $2.77 and its 200-day moving average price is $2.73. The firm has a market cap of $2.30 billion, a P/E ratio of 145.50 and a beta of 1.36. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. New Gold has a fifty-two week low of $1.10 and a fifty-two week high of $3.25.

About New Gold

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.