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

Shares of New Gold Inc. (NYSE:NGD) have been assigned an average recommendation of “Buy” from the seven analysts that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $8.1750.

Several equities research analysts have weighed in on NGD shares. Zacks Research raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 27th. Scotiabank raised their target price on New Gold to $12.75 and gave the company an “outperform” rating in a research note on Monday, January 26th. Finally, TD Securities raised New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Monday, December 1st.

Institutional Investors Weigh In On New Gold

A number of hedge funds have recently added to or reduced their stakes in the company. DGS Capital Management LLC raised its position in shares of New Gold by 116.7% during the fourth quarter. DGS Capital Management LLC now owns 39,287 shares of the company’s stock worth $342,000 after purchasing an additional 21,155 shares during the period. Virtu Financial LLC acquired a new stake in New Gold in the 4th quarter valued at $1,237,000. Mcguire Capital Advisors Inc. acquired a new stake in New Gold in the 4th quarter valued at $27,000. Alberta Investment Management Corp increased its stake in New Gold by 291.7% during the 4th quarter. Alberta Investment Management Corp now owns 1,880,000 shares of the company’s stock valued at $16,377,000 after purchasing an additional 1,400,000 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new stake in New Gold during the 4th quarter valued at $443,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Performance

Shares of NGD stock opened at $9.03 on Tuesday. The firm has a 50 day moving average of $11.16 and a 200-day moving average of $8.82. The company has a market cap of $7.15 billion, a price-to-earnings ratio of 69.47 and a beta of 0.57. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. New Gold has a 52 week low of $2.89 and a 52 week high of $13.63.

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.