Scotiabank Boosts New Gold (NYSE:NGD) Price Target to $4.75

New Gold (NYSE:NGD) had its target price raised by research analysts at Scotiabank from $4.25 to $4.75 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price target indicates a potential upside of 30.49% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and lifted their target price for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. New Street Research set a $3.90 price objective on New Gold in a research note on Wednesday, March 26th. CIBC cut their target price on New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Raymond James set a $4.00 price target on shares of New Gold and gave the stock a “market perform” rating in a research report on Friday, April 4th. Finally, National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a report on Wednesday, April 2nd. Two analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $3.85.

New Gold Stock Up 1.4 %

NGD stock opened at $3.64 on Monday. The firm has a fifty day moving average price of $3.13 and a two-hundred day moving average price of $2.89. 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 1-year low of $1.66 and a 1-year high of $3.78. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of 28.00 and a beta of 0.93.

Hedge Funds Weigh In On New Gold

Several large investors have recently bought and sold shares of NGD. Hillsdale Investment Management Inc. lifted its stake in shares of New Gold by 97.1% in the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock worth $23,657,000 after acquiring an additional 4,671,399 shares during the period. Dimensional Fund Advisors LP lifted its position in New Gold by 97.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company’s stock worth $14,742,000 after purchasing an additional 2,931,470 shares during the period. Nokomis Capital L.L.C. boosted its stake in New Gold by 203.8% during the 4th quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company’s stock valued at $10,285,000 after purchasing an additional 2,782,296 shares in the last quarter. Renaissance Technologies LLC boosted its stake in New Gold by 11.6% during the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock valued at $62,363,000 after purchasing an additional 2,619,782 shares in the last quarter. Finally, Bank of Montreal Can increased its position in shares of New Gold by 36.9% during the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company’s stock valued at $24,203,000 after purchasing an additional 2,613,285 shares during the period. Institutional investors and hedge funds own 42.82% of the company’s stock.

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.