CIBC Boosts New Gold (NYSE:NGD) Price Target to $9.50

New Gold (NYSE:NGD) had its target price boosted by CIBC from $6.50 to $9.50 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperformer” rating on the stock. CIBC’s price objective would indicate a potential upside of 38.89% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Raymond James Financial reiterated a “market perform” rating and set a $7.00 target price on shares of New Gold in a research note on Friday. National Bankshares restated an “outperform” rating on shares of New Gold in a research note on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $5.81.

New Gold Price Performance

NYSE:NGD opened at $6.84 on Friday. The stock has a market cap of $5.42 billion, a P/E ratio of 52.62 and a beta of 0.46. New Gold has a one year low of $2.43 and a one year high of $7.59. The company has a fifty day moving average price of $6.10 and a 200 day moving average price of $4.86. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

Institutional Investors Weigh In On New Gold

A number of hedge funds have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership increased its position in shares of New Gold by 89.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock worth $143,011,000 after purchasing an additional 13,591,642 shares in the last quarter. Invesco Ltd. increased its position in shares of New Gold by 16.9% during the 1st quarter. Invesco Ltd. now owns 15,761,737 shares of the company’s stock worth $58,476,000 after purchasing an additional 2,280,732 shares in the last quarter. American Century Companies Inc. grew its holdings in New Gold by 3.0% during the 2nd quarter. American Century Companies Inc. now owns 15,610,823 shares of the company’s stock worth $77,586,000 after acquiring an additional 461,170 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in New Gold by 86.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 11,465,579 shares of the company’s stock worth $56,755,000 after acquiring an additional 5,314,473 shares during the last quarter. Finally, JGP Global Gestao de Recursos Ltda. grew its holdings in New Gold by 64.4% during the 1st quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company’s stock worth $39,652,000 after acquiring an additional 4,187,997 shares during the last quarter. Institutional investors and hedge funds 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.