New Gold (NYSE:NGD) Raised to “Buy” at Bank of America

New Gold (NYSE:NGD) was upgraded by analysts at Bank of America from an “underperform” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage currently has a $3.90 target price on the stock, up from their prior target price of $2.60. Bank of America‘s price target suggests a potential upside of 7.73% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the company. National Bank Financial raised New Gold to a “strong-buy” rating in a report on Friday, March 21st. CIBC dropped their target price on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Finally, Scotiabank upped their price objective on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $3.66.

New Gold Stock Performance

NYSE NGD opened at $3.62 on Wednesday. New Gold has a twelve month low of $1.66 and a twelve month high of $3.62. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The stock has a market cap of $2.86 billion, a P/E ratio of 27.85 and a beta of 1.35. The company’s 50-day simple moving average is $2.99 and its 200 day simple moving average is $2.85.

Institutional Trading of New Gold

A number of large investors have recently bought and sold shares of the business. Hillsdale Investment Management Inc. increased its holdings in New Gold by 97.1% during the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock worth $23,657,000 after purchasing an additional 4,671,399 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in New Gold by 97.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company’s stock worth $14,742,000 after purchasing an additional 2,931,470 shares during the last quarter. Nokomis Capital L.L.C. increased its stake in New Gold by 203.8% in the 4th quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company’s stock valued at $10,285,000 after buying an additional 2,782,296 shares during the last quarter. BNP Paribas Financial Markets lifted its position in New Gold by 9,360.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after buying an additional 2,664,153 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of New Gold by 11.6% during the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock worth $62,363,000 after buying an additional 2,619,782 shares during the last quarter. 42.82% of the stock is owned by institutional investors.

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.