New Gold Inc. (NYSE:NGD) Receives Consensus Rating of “Buy” from Analysts

New Gold Inc. (NYSE:NGD) has earned a consensus rating of “Buy” from the eight ratings firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $4.04.

A number of equities research analysts have issued reports on NGD shares. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a report on Wednesday, April 2nd. Scotiabank reaffirmed an “outperform” rating on shares of New Gold in a research note on Monday, April 14th. New Street Research set a $3.90 target price on New Gold in a report on Wednesday, March 26th. Wall Street Zen upgraded New Gold from a “hold” rating to a “buy” rating in a research note on Friday, May 9th. Finally, Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $2.60 to $3.90 in a research note on Wednesday, March 26th.

New Gold Stock Performance

New Gold stock opened at $4.30 on Wednesday. The business has a 50-day simple moving average of $3.67 and a two-hundred day simple moving average of $3.11. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The company has a market cap of $3.40 billion, a P/E ratio of 33.08 and a beta of 0.54. New Gold has a 52-week low of $1.90 and a 52-week high of $4.34.

Hedge Funds Weigh In On New Gold

Several institutional investors and hedge funds have recently modified their holdings of the business. SIH Partners LLLP purchased a new stake in New Gold during the 4th quarter worth approximately $27,000. Tudor Investment Corp ET AL purchased a new position in shares of New Gold during the 4th quarter worth $27,000. Samalin Investment Counsel LLC purchased a new position in shares of New Gold during the 4th quarter worth approximately $32,000. Cary Street Partners Financial LLC purchased a new position in shares of New Gold during the 1st quarter worth approximately $37,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in New Gold during the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

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.