Analysts Set New Gold Inc. (NYSE:NGD) Price Target at $3.74

Shares of New Gold Inc. (NYSE:NGD) have been given an average rating of “Buy” by the ten brokerages that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $3.85.

NGD has been the topic of several research reports. National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a report on Friday, March 21st. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a report on Wednesday, April 2nd. Scotiabank lifted their price objective on New Gold from $4.25 to $4.75 and gave the stock a “sector outperform” rating in a report on Monday. Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and upped their target price for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. Finally, CIBC decreased their price target on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research note on Thursday, February 27th.

Institutional Trading of New Gold

Several large investors have recently added to or reduced their stakes in NGD. Renaissance Technologies LLC raised its stake in shares of New Gold by 11.6% in the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock valued at $62,363,000 after acquiring an additional 2,619,782 shares during the last quarter. Invesco Ltd. raised its position in New Gold by 3.6% in the 4th quarter. Invesco Ltd. now owns 13,481,005 shares of the company’s stock valued at $33,433,000 after purchasing an additional 469,748 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of New Gold by 3.9% during the fourth quarter. American Century Companies Inc. now owns 12,250,758 shares of the company’s stock worth $30,577,000 after purchasing an additional 459,317 shares during the last quarter. Bank of Montreal Can increased its stake in shares of New Gold by 36.9% in the fourth quarter. Bank of Montreal Can now owns 9,703,381 shares of the company’s stock valued at $24,203,000 after buying an additional 2,613,285 shares in the last quarter. Finally, Hillsdale Investment Management Inc. raised its holdings in shares of New Gold by 97.1% in the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock valued at $23,657,000 after buying an additional 4,671,399 shares during the last quarter. 42.82% of the stock is owned by institutional investors.

New Gold Trading Up 0.6 %

Shares of New Gold stock opened at $3.59 on Tuesday. New Gold has a 1 year low of $1.66 and a 1 year high of $3.78. The company’s fifty day simple moving average is $3.12 and its 200-day simple moving average is $2.89. The company has a market cap of $2.84 billion, a price-to-earnings ratio of 27.62 and a beta of 0.93. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

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.