New Gold (NYSE:NGD) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of New Gold (NYSE:NGD) from an underperform rating to a buy rating in a research report released on Wednesday, Marketbeat reports. They currently have $3.90 price target on the stock, up from their previous price target of $2.60.

Several other research firms have also commented on NGD. CIBC decreased their price target on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Scotiabank raised their target price on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. Finally, National Bank Financial raised shares of New Gold to a “strong-buy” rating in a report on Friday, March 21st. One investment analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $3.66.

New Gold Trading Up 3.0 %

Shares of NYSE:NGD opened at $3.47 on Wednesday. The company has a market capitalization of $2.75 billion, a PE ratio of 26.69 and a beta of 1.35. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. New Gold has a 12-month low of $1.58 and a 12-month high of $3.56. The business’s fifty day simple moving average is $2.97 and its 200-day simple moving average is $2.84.

Institutional Investors Weigh In On New Gold

Several institutional investors and hedge funds have recently made changes to their positions in NGD. SIH Partners LLLP purchased a new position in New Gold in the 4th quarter worth $27,000. Tudor Investment Corp ET AL purchased a new position in shares of New Gold in the fourth quarter worth about $27,000. DGS Capital Management LLC acquired a new stake in shares of New Gold during the fourth quarter worth about $30,000. Samalin Investment Counsel LLC purchased a new stake in New Gold in the fourth quarter valued at approximately $32,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in New Gold in the 4th quarter worth approximately $39,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.