StockNews.com Upgrades New Gold (NYSE:NGD) to Buy

StockNews.com upgraded shares of New Gold (NYSE:NGD) from a hold rating to a buy rating in a report released on Friday morning.

Several other equities research analysts also recently weighed in on the company. CIBC increased their price objective on New Gold from $3.40 to $4.75 and gave the company an “outperformer” rating in a report on Thursday. Bank of America raised New Gold from an “underperform” rating to a “buy” rating and increased their price objective for the company from $2.60 to $3.90 in a report on Wednesday, March 26th. National Bankshares reissued an “outperform” rating on shares of New Gold in a report on Wednesday, April 2nd. Scotiabank restated an “outperform” rating on shares of New Gold in a research note on Monday, April 14th. Finally, Raymond James set a $4.00 price target on New Gold and gave the stock a “market perform” rating in a research note on Friday, April 4th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $4.04.

New Gold Price Performance

NGD stock opened at $4.18 on Friday. The company has a market capitalization of $3.31 billion, a P/E ratio of 32.16 and a beta of 0.54. New Gold has a twelve month low of $1.74 and a twelve month high of $4.21. The business has a 50 day simple moving average of $3.44 and a 200-day simple moving average of $3.00. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Institutional Investors Weigh In On New Gold

Several large investors have recently modified their holdings of the stock. Hillsdale Investment Management Inc. raised its position in New Gold by 97.1% in the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock worth $23,657,000 after acquiring an additional 4,671,399 shares in the last quarter. JGP Global Gestao de Recursos Ltda. raised its position in New Gold by 64.4% in the first quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company’s stock worth $39,652,000 after acquiring an additional 4,187,997 shares in the last quarter. Dimensional Fund Advisors LP raised its position in New Gold by 97.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company’s stock worth $14,742,000 after acquiring an additional 2,931,470 shares in the last quarter. Nokomis Capital L.L.C. raised its position in New Gold by 203.8% in the fourth quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company’s stock worth $10,285,000 after acquiring an additional 2,782,296 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in New Gold by 11.6% in the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock worth $62,363,000 after acquiring an additional 2,619,782 shares in the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

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.