Bank of America Upgrades New Gold (NYSE:NGD) to "Buy"

Bank of America upgraded shares of New Gold (NYSE:NGD - Free Report) from an underperform rating to a buy rating in a research report sent to investors on Wednesday, Marketbeat Ratings reports. The firm currently has $3.90 price target on the stock, up from their prior price target of $2.60.

NGD has been the subject of a number of other research reports. CIBC lowered their target price on New Gold from $3.60 to $3.40 and set an "outperform" rating for the company in a research note on Thursday, February 27th. Scotiabank increased their price objective on New Gold from $3.50 to $4.00 and gave the stock a "sector outperform" rating in a report on Thursday, February 13th. Finally, National Bank Financial upgraded shares of New Gold to a "strong-buy" rating in a report on Friday, March 21st. One analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, New Gold currently has a consensus rating of "Buy" and an average target price of $3.66.

New Gold Trading Down 0.6 %

NGD stock traded down $0.02 on Wednesday, reaching $3.60. The company's stock had a trading volume of 27,611,436 shares, compared to its average volume of 10,722,071. The firm has a market cap of $2.85 billion, a PE ratio of 27.69 and a beta of 1.35. The business has a fifty day simple moving average of $3.01 and a two-hundred day simple moving average of $2.86. New Gold has a 12-month low of $1.66 and a 12-month high of $3.78. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

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Hedge Funds Weigh In On New Gold

Several large investors have recently modified their holdings of NGD. SIH Partners LLLP purchased a new stake in New Gold during the 4th quarter valued at about $27,000. Tudor Investment Corp ET AL purchased a new stake in shares of New Gold during the fourth quarter valued at approximately $27,000. DGS Capital Management LLC bought a new stake in shares of New Gold during the fourth quarter valued at approximately $30,000. Samalin Investment Counsel LLC purchased a new position in New Gold in the 4th quarter worth approximately $32,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in New Gold in the 4th quarter valued at approximately $39,000. Hedge funds and other institutional investors 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.