New Gold Inc. (NYSE:NGD) Given Consensus Recommendation of “Buy” by Analysts

New Gold Inc. (NYSE:NGD) has been given an average recommendation of “Buy” by the seven ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $8.1750.

A number of brokerages recently commented on NGD. Zacks Research raised New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. Scotiabank upped their price target on New Gold to $12.75 and gave the stock an “outperform” rating in a research report on Monday, January 26th. National Bank Financial reaffirmed an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th. Finally, TD Securities raised New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Monday, December 1st.

Hedge Funds Weigh In On New Gold

A number of hedge funds have recently modified their holdings of NGD. Van ECK Associates Corp lifted its position in shares of New Gold by 50.7% in the third quarter. Van ECK Associates Corp now owns 72,796,146 shares of the company’s stock worth $522,678,000 after buying an additional 24,495,669 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in New Gold by 5.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 29,274,513 shares of the company’s stock worth $255,044,000 after acquiring an additional 1,588,539 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of New Gold by 81.2% during the 4th quarter. Vanguard Group Inc. now owns 20,787,033 shares of the company’s stock worth $181,138,000 after acquiring 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% during the 3rd quarter. American Century Companies Inc. now owns 16,883,444 shares of the company’s stock valued at $120,985,000 after acquiring an additional 1,272,621 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of New Gold by 79.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 16,203,877 shares of the company’s stock valued at $141,136,000 after acquiring an additional 7,183,849 shares during the last quarter. 42.82% of the stock is currently owned by institutional investors.

New Gold Stock Up 7.8%

Shares of NGD stock opened at $13.14 on Friday. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. New Gold has a 12 month low of $2.60 and a 12 month high of $13.63. The stock has a market cap of $10.41 billion, a P/E ratio of 101.08 and a beta of 0.59. The company has a 50 day simple moving average of $10.60 and a two-hundred day simple moving average of $8.14.

New Gold Company Profile

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.