New Gold Inc. (NYSE:NGD) Given Consensus Rating of “Moderate Buy” by Analysts

New Gold Inc. (NYSE:NGD) has earned a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $6.6333.

NGD has been the topic of several recent research reports. CIBC increased their price target on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. TD Securities restated a “hold” rating and issued a $7.50 price objective on shares of New Gold in a research note on Thursday, October 30th. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Raymond James Financial reissued a “market perform” rating and set a $7.00 price target on shares of New Gold in a report on Friday, October 10th. Finally, Scotiabank upped their price target on New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd.

New Gold Price Performance

NYSE NGD opened at $6.95 on Wednesday. The company has a 50-day moving average price of $6.93 and a 200-day moving average price of $5.54. New Gold has a 52 week low of $2.43 and a 52 week high of $7.75. 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 firm has a market capitalization of $5.50 billion, a P/E ratio of 53.47 and a beta of 0.52.

Institutional Investors Weigh In On New Gold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NGD. Wealth Enhancement Advisory Services LLC purchased a new position in New Gold during the third quarter valued at approximately $41,000. MAI Capital Management purchased a new position in shares of New Gold during the 3rd quarter valued at $43,000. Employees Retirement System of Texas bought a new position in New Gold in the 2nd quarter worth $32,000. Global Retirement Partners LLC increased its stake in New Gold by 190.7% in the 3rd quarter. Global Retirement Partners LLC now owns 7,031 shares of the company’s stock worth $50,000 after buying an additional 4,612 shares in the last quarter. Finally, Byrne Asset Management LLC purchased a new stake in New Gold in the 3rd quarter worth $60,000. 42.82% of the stock is owned by hedge funds and other 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.