New Gold Inc. (NYSE:NGD) Receives Average Rating of “Buy” from Brokerages

Shares of New Gold Inc. (NYSE:NGD) have earned a consensus rating of “Buy” from the seven analysts that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $8.1750.

Several equities analysts have recently commented on the company. Zacks Research upgraded New Gold from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 27th. Scotiabank upped their target price on New Gold to $12.75 and gave the stock an “outperform” rating in a research note on Monday, January 26th. Finally, TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Monday, December 1st.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Mcguire Capital Advisors Inc. bought a new stake in shares of New Gold in the 4th quarter valued at about $27,000. Employees Retirement System of Texas bought a new position in New Gold during the 2nd quarter worth approximately $32,000. Aventura Private Wealth LLC purchased a new position in New Gold in the 4th quarter worth approximately $34,000. Wealth Enhancement Advisory Services LLC bought a new stake in New Gold in the third quarter valued at approximately $41,000. Finally, EverSource Wealth Advisors LLC lifted its position in New Gold by 40.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 4,666 shares of the company’s stock valued at $41,000 after purchasing an additional 1,343 shares during the last quarter. 42.82% of the stock is owned by institutional investors.

New Gold Trading Down 10.7%

Shares of New Gold stock opened at $11.91 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. New Gold has a 1 year low of $2.60 and a 1 year high of $13.63. The firm has a market cap of $9.43 billion, a PE ratio of 91.62 and a beta of 0.59. The company has a 50 day simple moving average of $10.83 and a two-hundred day simple moving average of $8.35.

About New Gold

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.