New Gold (NYSE:NGD) Trading Up 10.1% – Still a Buy?

New Gold Inc. (NYSE:NGD) shares shot up 10.1% on Friday . The stock traded as high as $10.40 and last traded at $10.3780. 2,495,335 shares changed hands during trading, a decline of 89% from the average session volume of 22,051,588 shares. The stock had previously closed at $9.43.

Wall Street Analyst Weigh In

Several research analysts have recently commented on NGD shares. CIBC raised their price objective on New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Monday, December 1st. Scotiabank upped their price target on shares of New Gold to $12.75 and gave the company an “outperform” rating in a research note on Monday, January 26th. Raymond James Financial reiterated a “market perform” rating and issued a $7.00 target price on shares of New Gold in a report on Friday, October 10th. Finally, National Bankshares restated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $8.18.

New Gold Trading Up 12.1%

The company has a fifty day moving average price of $9.56 and a two-hundred day moving average price of $7.40. The firm has a market capitalization of $8.37 billion, a price-to-earnings ratio of 81.12 and a beta of 0.59. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Institutional Investors Weigh In On New Gold

Institutional investors have recently modified their holdings of the company. Van ECK Associates Corp grew its stake in shares of New Gold by 50.7% in the 3rd quarter. Van ECK Associates Corp now owns 72,796,146 shares of the company’s stock valued at $522,678,000 after purchasing an additional 24,495,669 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of New Gold by 89.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock valued at $143,011,000 after acquiring an additional 13,591,642 shares during the period. Vanguard Group Inc. boosted its position in New Gold by 81.2% during the fourth quarter. Vanguard Group Inc. now owns 20,787,033 shares of the company’s stock worth $181,138,000 after purchasing an additional 9,318,051 shares in the last quarter. American Century Companies Inc. boosted its position in shares of New Gold by 8.2% in the 3rd quarter. American Century Companies Inc. now owns 16,883,444 shares of the company’s stock worth $120,985,000 after buying an additional 1,272,621 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of New Gold by 16.5% in the third quarter. JPMorgan Chase & Co. now owns 13,357,047 shares of the company’s stock valued at $95,904,000 after purchasing an additional 1,891,468 shares during the last quarter. 42.82% of the stock is owned by institutional investors and hedge funds.

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.