New Gold Inc. (NYSE:NGD) Given Consensus Recommendation of “Buy” by Brokerages

New Gold Inc. (NYSE:NGD) has been assigned an average recommendation of “Buy” from the seven brokerages that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $7.3833.

Several brokerages recently commented on NGD. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. Scotiabank upped their price target on shares of New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. CIBC lifted their price objective on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Raymond James Financial reissued a “market perform” rating and set a $7.00 price objective on shares of New Gold in a report on Friday, October 10th. Finally, TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Monday, December 1st.

Institutional Investors Weigh In On New Gold

Large investors have recently bought and sold shares of the company. Employees Retirement System of Texas acquired a new position in shares of New Gold during the 2nd quarter worth about $32,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of New Gold in the third quarter valued at approximately $41,000. MAI Capital Management acquired a new stake in shares of New Gold in the third quarter worth approximately $43,000. SBI Securities Co. Ltd. boosted its stake in shares of New Gold by 1,837.7% in the second quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock worth $44,000 after acquiring an additional 8,472 shares during the last quarter. Finally, Wealthspire Advisors LLC acquired a new position in New Gold in the 2nd quarter valued at $50,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Stock Down 2.0%

NYSE:NGD opened at $8.38 on Friday. The company’s 50-day simple moving average is $7.25 and its 200-day simple moving average is $5.99. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. New Gold has a fifty-two week low of $2.43 and a fifty-two week high of $8.85. The stock has a market capitalization of $6.63 billion, a P/E ratio of 64.47 and a beta of 0.65.

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.