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

Shares of New Gold Inc. (NYSE:NGD) have been given a consensus rating of “Buy” by the nine analysts that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and two have 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 $4.04.

NGD has been the topic of several research reports. CIBC increased their price target on shares of New Gold from $3.40 to $4.75 and gave the stock an “outperformer” rating in a research report on Thursday. Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and upped their price target for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. Scotiabank reiterated an “outperform” rating on shares of New Gold in a research note on Monday, April 14th. New Street Research set a $3.90 price objective on shares of New Gold in a research report on Wednesday, March 26th. Finally, Raymond James set a $4.00 price objective on shares of New Gold and gave the stock a “market perform” rating in a research report on Friday, April 4th.

Hedge Funds Weigh In On New Gold

Hedge funds and other institutional investors have recently modified their holdings of the company. SIH Partners LLLP purchased a new position in New Gold in the fourth quarter valued at approximately $27,000. Tudor Investment Corp ET AL acquired a new position in shares of New Gold during the 4th quarter valued at $27,000. DGS Capital Management LLC purchased a new stake in New Gold during the 4th quarter worth $30,000. Samalin Investment Counsel LLC acquired a new stake in New Gold in the 4th quarter valued at $32,000. Finally, Cary Street Partners Financial LLC purchased a new position in New Gold in the first quarter valued at about $37,000. 42.82% of the stock is owned by institutional investors and hedge funds.

New Gold Price Performance

New Gold stock opened at $4.18 on Friday. The company has a 50-day moving average price of $3.44 and a 200 day moving average price of $3.00. 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 cap of $3.31 billion, a P/E ratio of 32.16 and a beta of 0.54. New Gold has a 12-month low of $1.74 and a 12-month high of $4.21.

About New Gold

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.