New Gold Inc. $NGD Position Cut by Amitell Capital Pte Ltd

Amitell Capital Pte Ltd decreased its stake in shares of New Gold Inc. (NYSE:NGD) by 29.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 430,710 shares of the company’s stock after selling 176,130 shares during the period. New Gold makes up 1.9% of Amitell Capital Pte Ltd’s portfolio, making the stock its 19th biggest position. Amitell Capital Pte Ltd owned about 0.05% of New Gold worth $3,092,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of New Gold in the third quarter valued at $41,000. MAI Capital Management bought a new position in New Gold during the third quarter valued at about $43,000. Employees Retirement System of Texas acquired a new position in shares of New Gold in the second quarter valued at $32,000. Global Retirement Partners LLC boosted its holdings in New Gold by 190.7% during the third quarter. Global Retirement Partners LLC now owns 7,031 shares of the company’s stock valued at $50,000 after purchasing an additional 4,612 shares in the last quarter. Finally, Byrne Asset Management LLC acquired a new position in New Gold in the third quarter valued at about $60,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on NGD shares. TD Securities upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Monday, December 1st. National Bank Financial reissued an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th. Zacks Research upgraded New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. Finally, Scotiabank increased their price objective on shares of New Gold to $12.75 and gave the stock an “outperform” rating in a research note on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, New Gold currently has an average rating of “Buy” and a consensus target price of $8.18.

New Gold Price Performance

Shares of NYSE NGD opened at $12.19 on Thursday. The business has a fifty day moving average price of $10.51 and a two-hundred day moving average price of $8.10. The stock has a market capitalization of $9.65 billion, a PE ratio of 93.78 and a beta of 0.59. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. New Gold Inc. has a fifty-two week low of $2.60 and a fifty-two 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.