New Gold (TSE:NGD) Raised to Buy at Bank of America

New Gold (TSE:NGD) (ARCA:NGD) was upgraded by investment analysts at Bank of America from an “underperform” rating to a “buy” rating in a research note issued to investors on Wednesday,BayStreet.CA reports. The firm presently has a C$5.45 price objective on the stock, up from their prior price objective of C$3.65. Bank of America‘s price objective indicates a potential upside of 5.42% from the company’s current price.

Separately, National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a research note on Friday, March 21st. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, New Gold has an average rating of “Buy” and an average target price of C$4.34.

New Gold Stock Up 4.7 %

Shares of New Gold stock opened at C$5.17 on Wednesday. New Gold has a 12-month low of C$2.26 and a 12-month high of C$5.18. The company has a quick ratio of 1.64, a current ratio of 1.42 and a debt-to-equity ratio of 45.12. The stock has a 50 day moving average price of C$4.29 and a two-hundred day moving average price of C$4.00. The stock has a market capitalization of C$2.84 billion, a P/E ratio of 141.48, a PEG ratio of -3.02 and a beta of 1.59.

Insider Buying and Selling

In other New Gold news, Senior Officer Keith Murphy sold 41,863 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of C$4.29, for a total value of C$179,592.27. 4.92% of the stock is currently owned by insiders.

New Gold Company Profile

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.