New Gold Inc. (NYSE:NGD) Receives $4.13 Average Target Price from Analysts

New Gold Inc. (NYSE:NGD) has been given an average rating of “Buy” by the seven analysts that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $4.13.

NGD has been the topic of a number of recent research reports. CIBC boosted their price objective on New Gold from $3.40 to $4.75 and gave the stock an “outperformer” rating in a research note on Thursday, May 8th. Wall Street Zen raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, May 9th. Scotiabank reissued an “outperform” rating on shares of New Gold in a report on Monday, April 14th. New Street Research set a $3.90 target price on shares of New Gold in a research note on Wednesday, March 26th. Finally, National Bankshares reiterated an “outperform” rating on shares of New Gold in a report on Tuesday.

New Gold Price Performance

Shares of NYSE NGD opened at $4.93 on Friday. The firm has a 50-day simple moving average of $4.26 and a 200-day simple moving average of $3.41. The stock has a market capitalization of $3.90 billion, a price-to-earnings ratio of 37.93 and a beta of 0.44. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. New Gold has a 52 week low of $1.92 and a 52 week high of $5.06.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC grew its position in New Gold by 11.6% during the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock worth $62,363,000 after purchasing an additional 2,619,782 shares during the last quarter. Invesco Ltd. raised its holdings in shares of New Gold by 16.9% in the first quarter. Invesco Ltd. now owns 15,761,737 shares of the company’s stock valued at $58,476,000 after buying an additional 2,280,732 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of New Gold by 23.7% during the first quarter. American Century Companies Inc. now owns 15,149,653 shares of the company’s stock worth $56,033,000 after buying an additional 2,898,895 shares during the period. JGP Global Gestao de Recursos Ltda. grew its holdings in shares of New Gold by 64.4% during 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 buying an additional 4,187,997 shares during the last quarter. Finally, Bank of Montreal Can increased its position in New Gold by 36.9% in the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company’s stock valued at $24,203,000 after acquiring an additional 2,613,285 shares during the period. Institutional investors and hedge funds own 42.82% of the company’s stock.

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.