New Gold (TSE:NGD) Upgraded to Buy at Bank of America

Bank of America upgraded shares of New Gold (TSE:NGD) (ARCA:NGD) from an underperform rating to a buy rating in a research report released on Wednesday,BayStreet.CA reports. Bank of America currently has C$5.45 price target on the stock, up from their prior price target of C$3.65.

Separately, National Bank Financial upgraded New Gold to a “strong-buy” rating in a research report on Friday, March 21st. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, New Gold presently has an average rating of “Buy” and an average target price of C$4.34.

New Gold Price Performance

Shares of TSE:NGD opened at C$5.18 on Wednesday. The company’s fifty day moving average price is C$4.31 and its 200-day moving average price is C$4.01. The company has a debt-to-equity ratio of 45.12, a current ratio of 1.42 and a quick ratio of 1.64. The firm has a market capitalization of C$2.85 billion, a price-to-earnings ratio of 141.76, a PEG ratio of -3.02 and a beta of 1.59. New Gold has a one year low of C$2.26 and a one year high of C$5.39.

Insiders Place Their Bets

In related news, Senior Officer Keith Murphy sold 41,863 shares of New Gold stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of C$4.29, for a total value of C$179,592.27. 4.92% of the stock is currently owned by insiders.

New Gold Company Profile

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.