New Gold Inc. (NYSE:NGD - Get Free Report) has been assigned an average recommendation of "Buy" from the ten brokerages that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned 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 $3.78.
NGD has been the topic of a number of research analyst reports. Scotiabank boosted their price objective on shares of New Gold from $4.00 to $4.25 and gave the company a "sector outperform" rating in a research report on Tuesday. National Bankshares reiterated an "outperform" rating on shares of New Gold in a report on Wednesday, April 2nd. CIBC dropped their target price 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 Street Research set a $3.90 price target on shares of New Gold in a research report on Wednesday, March 26th. Finally, National Bank Financial upgraded shares of New Gold to a "strong-buy" rating in a report on Friday, March 21st.
Get Our Latest Research Report on NGD
Hedge Funds Weigh In On New Gold
Hedge funds have recently added to or reduced their stakes in the company. SIH Partners LLLP purchased a new stake in New Gold during the 4th quarter valued at $27,000. Tudor Investment Corp ET AL bought a new stake in New Gold in the 4th quarter worth about $27,000. DGS Capital Management LLC bought a new stake in New Gold in the 4th quarter worth about $30,000. Samalin Investment Counsel LLC bought a new position in New Gold during the 4th quarter valued at about $32,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of New Gold during the 4th quarter valued at about $39,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.
New Gold Trading Up 5.0 %
NGD traded up $0.17 during midday trading on Tuesday, reaching $3.57. 21,383,355 shares of the company's stock traded hands, compared to its average volume of 11,304,237. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 27.46 and a beta of 0.93. New Gold has a 52 week low of $1.66 and a 52 week high of $3.78. The firm has a fifty day moving average of $3.11 and a two-hundred day moving average of $2.89. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.
About New Gold
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Get Free ReportNew 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.
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