CIBC Issues Pessimistic Forecast for New Gold (NYSE:NGD) Stock Price

New Gold (NYSE:NGD - Get Free Report) had its price objective cut by stock analysts at CIBC from $3.60 to $3.40 in a report issued on Thursday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. CIBC's target price indicates a potential upside of 27.34% from the stock's previous close.

Separately, Scotiabank increased their price objective on shares of New Gold from $3.50 to $4.00 and gave the stock a "sector outperform" rating in a research note on Thursday, February 13th. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, New Gold has an average rating of "Buy" and an average target price of $3.60.

New Gold Price Performance

Shares of NYSE NGD traded down $0.05 during midday trading on Thursday, reaching $2.67. The stock had a trading volume of 20,501,179 shares, compared to its average volume of 13,281,816. The stock has a 50-day moving average of $2.79 and a 200-day moving average of $2.77. 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 company has a market capitalization of $2.11 billion, a price-to-earnings ratio of 20.54 and a beta of 1.36. New Gold has a 12-month low of $1.32 and a 12-month high of $3.25.

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Hedge Funds Weigh In On New Gold

Several institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC grew its stake in New Gold by 0.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company's stock valued at $3,669,000 after acquiring an additional 4,500 shares in the last quarter. Oxbow Advisors LLC grew its stake in 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 in the last quarter. Bank of New York Mellon Corp grew its stake in New Gold by 11.9% during the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company's stock valued at $125,000 after acquiring an additional 5,331 shares in the last quarter. Captrust Financial Advisors grew its stake in shares of New Gold by 17.6% in the 3rd quarter. Captrust Financial Advisors now owns 44,700 shares of the company's stock worth $129,000 after buying an additional 6,700 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of New Gold by 0.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company's stock worth $2,258,000 after buying an additional 7,367 shares in the last quarter. 42.82% of the stock is 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.