Analysts Set New Gold Inc. (NYSE:NGD) Target Price at $8.18

New Gold Inc. (NYSE:NGD) has received an average recommendation of “Buy” from the eight brokerages that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $8.1750.

Several equities research analysts have recently commented on the stock. Zacks Research raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 27th. National Bankshares restated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Scotiabank increased their target price on New Gold to $12.75 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Raymond James Financial restated a “market perform” rating and issued a $7.00 target price on shares of New Gold in a research note on Friday, October 10th. Finally, Canadian Imperial Bank of Commerce upped their price target on New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research note on Friday, October 10th.

New Gold Stock Up 12.1%

Shares of New Gold stock opened at $10.57 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. New Gold has a 52-week low of $2.60 and a 52-week high of $13.63. The company’s 50 day moving average price is $9.61 and its 200-day moving average price is $7.45. The stock has a market capitalization of $8.37 billion, a price-to-earnings ratio of 81.31 and a beta of 0.59.

Institutional Investors Weigh In On New Gold

Hedge funds and other institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp lifted its holdings in shares of New Gold by 50.7% during the third quarter. Van ECK Associates Corp now owns 72,796,146 shares of the company’s stock valued at $522,678,000 after purchasing an additional 24,495,669 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in New Gold by 89.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock valued at $143,011,000 after buying an additional 13,591,642 shares during the last quarter. Vanguard Group Inc. boosted its holdings in New Gold by 1,531.2% in the third quarter. Vanguard Group Inc. now owns 11,468,982 shares of the company’s stock worth $82,164,000 after acquiring an additional 10,765,902 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of New Gold in the third quarter worth $49,428,000. Finally, JPMorgan Chase & Co. grew its stake in shares of New Gold by 86.4% in the second quarter. JPMorgan Chase & Co. now owns 11,465,579 shares of the company’s stock worth $56,755,000 after acquiring an additional 5,314,473 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

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.