New Gold (NYSE:NGD) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of New Gold (NYSE:NGD) from a hold rating to a buy rating in a research report report published on Friday morning.

A number of other brokerages also recently issued reports on NGD. CIBC increased their price target on New Gold from $3.40 to $4.75 and gave the stock an “outperformer” rating in a research report on Thursday. Raymond James set a $4.00 price target on New Gold and gave the company a “market perform” rating in a research note on Friday, April 4th. National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a research note on Friday, March 21st. Bank of America upgraded shares of New Gold from an “underperform” rating to a “buy” rating and boosted their target price for the company from $2.60 to $3.90 in a research report on Wednesday, March 26th. Finally, Scotiabank reiterated an “outperform” rating on shares of New Gold in a research report on Monday, April 14th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $4.04.

New Gold Price Performance

NYSE:NGD opened at $4.18 on Friday. New Gold has a 52 week low of $1.74 and a 52 week high of $4.21. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The firm’s 50-day simple moving average is $3.44 and its 200 day simple moving average is $3.00. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 32.16 and a beta of 0.54.

Hedge Funds Weigh In On New Gold

Large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its holdings in New Gold by 0.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock valued at $3,669,000 after buying an additional 4,500 shares during the last quarter. Oxbow Advisors LLC raised its stake in shares of New Gold by 1.7% during the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock valued at $687,000 after acquiring an additional 4,624 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of New Gold by 11.9% in the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock worth $125,000 after purchasing an additional 5,331 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in New Gold by 0.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock valued at $2,258,000 after purchasing an additional 7,367 shares during the period. Finally, Geode Capital Management LLC raised its position in New Gold by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock worth $1,084,000 after purchasing an additional 7,394 shares during the last quarter. 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.