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

New Gold Inc. (NYSE:NGD) has received a consensus rating of “Buy” from the ten brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $3.74.

NGD has been the topic of a number of research reports. Raymond James set a $4.00 target price on shares of New Gold and gave the stock a “market perform” rating in a report on Friday. Bank of America raised New Gold from an “underperform” rating to a “buy” rating and upped their price target for the company from $2.60 to $3.90 in a report on Wednesday, March 26th. New Street Research set a $3.90 price objective on New Gold in a research note on Wednesday, March 26th. Scotiabank boosted their target price on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. Finally, National Bank Financial raised New Gold to a “strong-buy” rating in a report on Friday, March 21st.

New Gold Price Performance

NYSE:NGD opened at $2.99 on Tuesday. 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 business’s 50-day moving average price is $3.08 and its 200 day moving average price is $2.88. New Gold has a 52-week low of $1.66 and a 52-week high of $3.78. The firm has a market cap of $2.37 billion, a P/E ratio of 23.00 and a beta of 0.93.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. SIH Partners LLLP acquired a new stake in New Gold during the 4th quarter worth about $27,000. Tudor Investment Corp ET AL purchased a new stake in shares of New Gold in the fourth quarter worth approximately $27,000. DGS Capital Management LLC purchased a new stake in shares of New Gold in the fourth quarter worth approximately $30,000. Samalin Investment Counsel LLC acquired a new stake in shares of New Gold during the fourth quarter worth approximately $32,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in New Gold during the fourth quarter valued at approximately $39,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

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.