New Gold (NYSE:NGD) Raised to “Buy” at StockNews.com

New Gold (NYSE:NGD) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.

Several other equities research analysts have also recently weighed in on NGD. National Bankshares restated an “outperform” rating on shares of New Gold in a research report on Wednesday, April 2nd. Raymond James set a $4.00 price target on New Gold and gave the stock a “market perform” rating in a report on Friday, April 4th. New Street Research set a $3.90 target price on New Gold in a report on Wednesday, March 26th. National Bank Financial upgraded New Gold to a “strong-buy” rating in a report on Friday, March 21st. Finally, Bank of America upgraded shares of New Gold from an “underperform” rating to a “buy” rating and raised their target price for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, New Gold currently has an average rating of “Buy” and an average target price of $4.04.

New Gold Price Performance

Shares of NYSE:NGD opened at $4.02 on Friday. The business has a 50 day moving average price of $3.41 and a 200 day moving average price of $2.99. The company has a market cap of $3.18 billion, a price-to-earnings ratio of 30.93 and a beta of 0.54. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. New Gold has a twelve month low of $1.74 and a twelve month high of $4.21.

Institutional Investors Weigh In On New Gold

Institutional investors and hedge funds have recently bought and sold shares of the business. Baader Bank Aktiengesellschaft bought a new position in New Gold during the first quarter valued at $206,000. XTX Topco Ltd lifted its stake in shares of New Gold by 103.4% during the 1st quarter. XTX Topco Ltd now owns 318,240 shares of the company’s stock worth $1,181,000 after purchasing an additional 161,806 shares during the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of New Gold in the 1st quarter worth approximately $56,000. TD Asset Management Inc grew its stake in New Gold by 7.1% during the 1st quarter. TD Asset Management Inc now owns 3,040,853 shares of the company’s stock worth $11,240,000 after buying an additional 202,333 shares during the last quarter. Finally, Financial Sense Advisors Inc. acquired a new position in New Gold during the 1st quarter valued at approximately $652,000. 42.82% of the stock is owned by institutional investors.

New Gold Company Profile

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.