New Gold Inc. (NYSE:NGD) Receives $3.60 Average Target Price from Analysts

Shares of New Gold Inc. (NYSE:NGD) have received an average recommendation of “Buy” from the six ratings firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $3.60.

Separately, Scotiabank upped their target price on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th.

Institutional Trading of New Gold

Several hedge funds and other institutional investors have recently made changes to their positions in NGD. Hillsdale Investment Management Inc. lifted its holdings in shares of New Gold by 97.1% during the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock valued at $23,657,000 after purchasing an additional 4,671,399 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of New Gold by 5.0% during the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after purchasing an additional 3,541,882 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of New Gold by 97.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company’s stock valued at $14,742,000 after purchasing an additional 2,931,470 shares during the last quarter. Nokomis Capital L.L.C. lifted its holdings in shares of New Gold by 203.8% during the 4th quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company’s stock valued at $10,285,000 after purchasing an additional 2,782,296 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of New Gold by 9,360.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock valued at $7,755,000 after purchasing an additional 2,664,153 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Stock Down 6.3 %

New Gold stock opened at $2.82 on Monday. The business has a fifty day moving average of $2.77 and a two-hundred day moving average of $2.76. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The firm has a market cap of $2.23 billion, a P/E ratio of 21.69 and a beta of 1.36. New Gold has a twelve month low of $1.10 and a twelve month high of $3.25.

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.