New Gold Inc. (NYSE:NGD) Receives $8.18 Average PT from Analysts

New Gold Inc. (NYSE:NGD) has earned an average rating of “Buy” from the seven ratings firms that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $8.1750.

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

New Gold Stock Performance

Shares of New Gold stock opened at $13.42 on Friday. New Gold has a 12 month low of $2.60 and a 12 month high of $13.63. 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 stock has a market cap of $10.63 billion, a PE ratio of 103.24 and a beta of 0.59. The business has a fifty day simple moving average of $10.69 and a 200-day simple moving average of $8.24.

Institutional Trading of New Gold

Hedge funds and other institutional investors have recently modified their holdings of the company. Campbell & CO Investment Adviser LLC acquired a new position in New Gold in the third quarter worth approximately $1,625,000. Triasima Portfolio Management inc. lifted its stake in New Gold by 41.2% in the third quarter. Triasima Portfolio Management inc. now owns 849,586 shares of the company’s stock valued at $6,088,000 after acquiring an additional 247,821 shares during the last quarter. TD Asset Management Inc grew its position in New Gold by 44.3% in the third quarter. TD Asset Management Inc now owns 4,667,247 shares of the company’s stock worth $33,443,000 after acquiring an additional 1,433,603 shares in the last quarter. CIBC Asset Management Inc grew its position in New Gold by 31.2% in the third quarter. CIBC Asset Management Inc now owns 1,462,328 shares of the company’s stock worth $10,464,000 after acquiring an additional 347,846 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of New Gold by 9.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,033,000 shares of the company’s stock worth $21,723,000 after purchasing an additional 250,000 shares during the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

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.