New Gold Inc (NGD) Given Consensus Recommendation of “Hold” by Analysts

New Gold Inc (NYSEAMERICAN:NGD) has received a consensus recommendation of “Hold” from the ten analysts that are presently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a sell recommendation and five have assigned a hold recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $1.53.

Several research analysts have commented on the company. Zacks Investment Research downgraded New Gold from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 28th. Credit Suisse Group downgraded New Gold from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $2.20 to $1.60 in a research note on Thursday, July 26th. Scotiabank downgraded New Gold from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, August 8th. Canaccord Genuity downgraded New Gold from a “buy” rating to a “sell” rating in a research note on Thursday, July 26th. Finally, Raymond James lowered their target price on New Gold from $3.00 to $2.00 and set a “market perform” rating for the company in a research note on Friday, July 27th.

NGD traded up $0.02 on Friday, hitting $0.79. 2,349,438 shares of the stock were exchanged, compared to its average volume of 4,758,832. New Gold has a 12 month low of $0.75 and a 12 month high of $3.78. The company has a quick ratio of 1.38, a current ratio of 2.28 and a debt-to-equity ratio of 0.42.

Institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can increased its stake in shares of New Gold by 10.6% in the second quarter. Bank of Montreal Can now owns 5,615,256 shares of the basic materials company’s stock valued at $11,680,000 after buying an additional 539,254 shares during the period. OppenheimerFunds Inc. increased its position in New Gold by 135.5% during the 2nd quarter. OppenheimerFunds Inc. now owns 2,590,000 shares of the basic materials company’s stock valued at $5,387,000 after purchasing an additional 1,490,000 shares during the period. Global X Management Co LLC increased its position in New Gold by 38.8% during the 2nd quarter. Global X Management Co LLC now owns 721,946 shares of the basic materials company’s stock valued at $1,504,000 after purchasing an additional 201,824 shares during the period. Millennium Management LLC increased its position in New Gold by 2,583.0% during the 1st quarter. Millennium Management LLC now owns 1,697,213 shares of the basic materials company’s stock valued at $4,379,000 after purchasing an additional 1,633,956 shares during the period. Finally, Saba Capital Management L.P. increased its position in New Gold by 15.8% during the 2nd quarter. Saba Capital Management L.P. now owns 1,728,037 shares of the basic materials company’s stock valued at $3,594,000 after purchasing an additional 235,750 shares during the period. 51.53% of the stock is owned by institutional investors.

About New Gold

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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Analyst Recommendations for New Gold (NYSEAMERICAN:NGD)

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