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

Shares of New Gold Inc. (NYSE:NGD) have been given a consensus recommendation of “Buy” by the six research firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $10.3125.

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

New Gold Price Performance

Shares of NYSE:NGD opened at $9.03 on Tuesday. The firm has a market capitalization of $7.15 billion, a price-to-earnings ratio of 69.47 and a beta of 0.57. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The business’s 50 day simple moving average is $11.01 and its 200-day simple moving average is $8.91. New Gold has a 12 month low of $2.89 and a 12 month high of $13.63.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Mcguire Capital Advisors Inc. purchased a new stake in New Gold in the 4th quarter valued at approximately $27,000. Employees Retirement System of Texas purchased a new position in New Gold during the second quarter worth $32,000. Aventura Private Wealth LLC purchased a new position in New Gold during the fourth quarter worth $34,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of New Gold in the third quarter worth $41,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of New Gold by 40.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 4,666 shares of the company’s stock valued at $41,000 after acquiring an additional 1,343 shares in the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

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.