New Gold Inc. (NYSE:NGD) Receives $3.60 Average Price Target from Analysts

New Gold Inc. (NYSE:NGD - Get Free Report) has received an average recommendation of "Buy" from the seven ratings firms that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $3.60.

Several brokerages have recently commented on NGD. Scotiabank upped their price target on New Gold from $3.50 to $4.00 and gave the company a "sector outperform" rating in a research note on Thursday, February 13th. CIBC reduced their price objective on shares of New Gold from $3.60 to $3.40 and set an "outperform" rating on the stock in a report on Thursday, February 27th.

New Gold Trading Up 5.3 %

Shares of NGD stock traded up $0.17 during trading on Friday, hitting $3.36. 17,296,947 shares of the stock traded hands, compared to its average volume of 10,096,202. New Gold has a 52-week low of $1.52 and a 52-week high of $3.38. The firm has a market capitalization of $2.66 billion, a P/E ratio of 25.85 and a beta of 1.35. The firm's fifty day moving average price is $2.87 and its 200-day moving average price is $2.80. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

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Hedge Funds Weigh In On New Gold

Several hedge funds have recently bought and sold shares of the company. PKO Investment Management Joint Stock Co acquired a new position in shares of New Gold in the fourth quarter valued at approximately $874,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in 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 valued at $2,258,000 after buying an additional 7,367 shares during the period. Wexford Capital LP acquired a new position in shares of New Gold in the fourth quarter worth $310,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of New Gold during the fourth quarter worth $43,000. Finally, Man Group plc acquired a new stake in shares of New Gold in the fourth quarter valued at $611,000. Institutional investors and hedge funds own 42.82% of the company's stock.

New Gold Company Profile

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.