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

Shares of New Gold Inc. (NYSE:NGD) have been assigned an average recommendation of “Buy” from the eight ratings firms that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, five have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $8.1750.

Several research analysts have issued reports on the company. Zacks Research upgraded New Gold from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 27th. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Monday, December 1st. National Bankshares restated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Raymond James Financial reiterated a “market perform” rating and set a $7.00 price objective on shares of New Gold in a report on Friday, October 10th. Finally, Scotiabank boosted their target price on shares of New Gold to $12.75 and gave the stock an “outperform” rating in a research report on Monday, January 26th.

New Gold Trading Down 17.1%

Shares of NGD stock opened at $10.03 on Monday. The stock’s 50-day moving average price is $9.37 and its 200-day moving average price is $7.29. New Gold has a 12-month low of $2.60 and a 12-month high of $13.63. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $7.94 billion, a price-to-earnings ratio of 77.16 and a beta of 0.62.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC grew its position in shares of New Gold by 91.1% during the 1st quarter. Millennium Management LLC now owns 1,792,631 shares of the company’s stock valued at $6,642,000 after acquiring an additional 854,586 shares during the period. NewEdge Advisors LLC grew its stake in shares of New Gold by 99.1% in the 1st quarter. NewEdge Advisors LLC now owns 80,375 shares of the company’s stock valued at $298,000 after buying an additional 40,000 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of New Gold by 74.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock worth $23,923,000 after purchasing an additional 2,760,692 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of New Gold by 4.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 951,651 shares of the company’s stock worth $3,531,000 after purchasing an additional 40,995 shares during the period. Finally, Realta Investment Advisors purchased a new position in New Gold during the 2nd quarter valued at about $148,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

New Gold Company Profile

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.