New Gold (NYSE:NGD) Price Target Raised to $4.75 at Scotiabank

New Gold (NYSE:NGD) had its price objective hoisted by Scotiabank from $4.25 to $4.75 in a report published on Monday,Benzinga reports. They currently have a sector outperform rating on the stock.

Several other equities research analysts also recently issued reports on NGD. CIBC reduced their price objective on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. New Street Research set a $3.90 price target on shares of New Gold in a research report on Wednesday, March 26th. Raymond James set a $4.00 price objective on shares of New Gold and gave the company a “market perform” rating in a research report on Friday, April 4th. National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Finally, Bank of America upgraded shares of New Gold from an “underperform” rating to a “buy” rating and boosted their price target for the company from $2.60 to $3.90 in a report on Wednesday, March 26th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $3.85.

New Gold Trading Up 0.6 %

New Gold stock opened at $3.59 on Monday. The company has a 50 day moving average price of $3.12 and a 200 day moving average price of $2.89. 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 $1.66 and a 52 week high of $3.78. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 27.62 and a beta of 0.93.

Institutional Investors Weigh In On New Gold

A number of large investors have recently bought and sold shares of NGD. SIH Partners LLLP acquired a new stake in shares of New Gold in the fourth quarter worth about $27,000. Tudor Investment Corp ET AL bought a new position in shares of New Gold in the 4th quarter valued at approximately $27,000. DGS Capital Management LLC acquired a new stake in New Gold in the 4th quarter worth approximately $30,000. Samalin Investment Counsel LLC bought a new stake in New Gold during the fourth quarter worth approximately $32,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in New Gold during the fourth quarter valued at approximately $39,000. 42.82% of the stock is currently 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.