Analysts Set New Gold Inc. (NYSE:NGD) Price Target at $4.13

Shares of New Gold Inc. (NYSE:NGD) have been assigned an average recommendation of “Buy” from the seven analysts that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $4.13.

A number of analysts have weighed in on the company. Raymond James Financial 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 New Gold to a “strong-buy” rating in a research note on Friday, March 21st. CIBC increased their price target on shares of New Gold from $3.40 to $4.75 and gave the company an “outperformer” rating in a research note on Thursday, May 8th. Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. Finally, Wall Street Zen raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, May 9th.

New Gold Trading Down 1.6%

Shares of NYSE:NGD opened at $4.85 on Friday. New Gold has a 52 week low of $1.91 and a 52 week high of $5.06. The company’s 50 day moving average is $4.22 and its two-hundred day moving average is $3.39. The company has a market cap of $3.84 billion, a PE ratio of 37.31 and a beta of 0.44. 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 Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. SIH Partners LLLP purchased a new position in New Gold during the fourth quarter worth about $27,000. Tudor Investment Corp ET AL acquired a new position in New Gold during the fourth quarter worth $27,000. Samalin Investment Counsel LLC acquired a new stake in New Gold in the fourth quarter valued at $32,000. Cary Street Partners Financial LLC purchased a new stake in shares of New Gold during the 1st quarter worth $37,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in shares of New Gold during the 4th quarter worth $39,000. 42.82% of the stock is currently owned by hedge funds and other 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.