New Gold Inc. (NYSE:NGD) Given Consensus Recommendation of “Buy” by Brokerages

Shares of New Gold Inc. (NYSE:NGD) have earned a consensus rating of “Buy” from the ten brokerages that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, six have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $3.85.

NGD has been the topic of several research reports. CIBC dropped their price objective on 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 New Gold in a research report on Wednesday, March 26th. Raymond James set a $4.00 price objective on New Gold and gave the company a “market perform” rating in a report on Friday, April 4th. Scotiabank reaffirmed an “outperform” rating on shares of New Gold in a report on Monday, April 14th. Finally, National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a research note on Friday, March 21st.

Institutional Trading of New Gold

Hedge funds and other institutional investors have recently made changes to their positions in the company. 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 stake in shares of New Gold in the 4th quarter valued at approximately $27,000. DGS Capital Management LLC purchased a new stake in shares of New Gold in the fourth quarter valued at approximately $30,000. Samalin Investment Counsel LLC acquired a new position in New Gold during the fourth quarter worth $32,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in New Gold in the fourth quarter worth $39,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Trading Down 2.9 %

Shares of New Gold stock opened at $4.08 on Friday. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The company has a fifty day simple moving average of $3.39 and a 200-day simple moving average of $2.99. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of 31.39 and a beta of 0.54. New Gold has a 12-month low of $1.74 and a 12-month high of $4.21.

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.