New Gold Inc. (NYSE:NGD) Receives $7.38 Consensus PT from Analysts

Shares of New Gold Inc. (NYSE:NGD) have been assigned an average rating of “Buy” from the seven research firms that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $7.3833.

NGD has been the topic of several recent research reports. CIBC lifted their target price on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a report on Friday, October 10th. National Bankshares restated an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th. Scotiabank upped their target price on New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Raymond James Financial reiterated a “market perform” rating and set a $7.00 target price on shares of New Gold in a report on Friday, October 10th. Finally, TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Monday, December 1st.

Institutional Investors Weigh In On New Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning lifted its holdings in New Gold by 8.1% in the 2nd quarter. Creative Planning now owns 27,575 shares of the company’s stock worth $136,000 after buying an additional 2,071 shares in the last quarter. TD Waterhouse Canada Inc. lifted its stake in shares of New Gold by 8.9% in the third quarter. TD Waterhouse Canada Inc. now owns 25,942 shares of the company’s stock worth $189,000 after acquiring an additional 2,129 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of New Gold by 0.6% in the second quarter. Russell Investments Group Ltd. now owns 473,856 shares of the company’s stock worth $2,342,000 after acquiring an additional 2,679 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in New Gold by 54.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,842 shares of the company’s stock valued at $77,000 after purchasing an additional 3,100 shares during the last quarter. Finally, Aventura Private Wealth LLC acquired a new stake in New Gold during the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Trading Up 4.6%

Shares of NGD stock opened at $10.00 on Thursday. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of 76.93 and a beta of 0.62. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. New Gold has a fifty-two week low of $2.60 and a fifty-two week high of $10.05. The firm’s 50 day moving average price is $8.06 and its two-hundred day moving average price is $6.57.

About New Gold

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.