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

Shares of New Gold Inc. (NYSE:NGD) have been assigned an average rating of “Buy” from the seven brokerages that are covering the firm, MarketBeat reports. One investment 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 1-year price target among analysts that have issued ratings on the stock in the last year is $8.1750.

A number of equities analysts have weighed in on the stock. TD Securities raised shares of 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. Zacks Research raised New Gold from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 27th. Scotiabank boosted their target price on New Gold to $12.75 and gave the stock an “outperform” rating in a report on Monday, January 26th. Finally, National Bank Financial reissued an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th.

Institutional Investors Weigh In On New Gold

Hedge funds have recently added to or reduced their stakes in the stock. Mcguire Capital Advisors Inc. purchased a new position in shares of New Gold in the 4th quarter worth $27,000. Employees Retirement System of Texas purchased a new position in New Gold in the second quarter worth about $32,000. Aventura Private Wealth LLC purchased a new position in New Gold in the fourth quarter worth about $34,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of New Gold during the 3rd quarter valued at about $41,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of New Gold by 40.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 4,666 shares of the company’s stock valued at $41,000 after purchasing an additional 1,343 shares during the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Stock Up 7.8%

Shares of NYSE:NGD opened at $13.14 on Friday. New Gold has a 52-week low of $2.60 and a 52-week high of $13.63. The firm has a market capitalization of $10.41 billion, a P/E ratio of 101.08 and a beta of 0.59. The stock has a 50 day moving average price of $10.60 and a 200-day moving average price of $8.14. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

About New Gold

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.