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

New Gold Inc. (NYSE:NGD) has been given an average rating of “Buy” by the six research firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $10.3125.

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

Institutional Investors Weigh In On New Gold

Several institutional investors and hedge funds have recently modified their holdings of the business. Mcguire Capital Advisors Inc. acquired a new position in New Gold during the fourth quarter worth $27,000. Aventura Private Wealth LLC acquired a new stake in shares of New Gold in the fourth quarter worth about $34,000. EverSource Wealth Advisors LLC boosted its stake in shares of New Gold by 40.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 4,666 shares of the company’s stock worth $41,000 after acquiring an additional 1,343 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of New Gold during the 3rd quarter worth about $41,000. Finally, MAI Capital Management acquired a new position in shares of New Gold during the 3rd quarter valued at about $43,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Performance

Shares of NYSE NGD opened at $9.03 on Tuesday. The business’s 50-day moving average price is $11.05 and its two-hundred day moving average price is $8.87. 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 one year low of $2.89 and a one year high of $13.63. The company has a market capitalization of $7.15 billion, a P/E ratio of 69.47 and a beta of 0.57.

New Gold Company Profile

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.