New Gold (NYSE:NGD) Price Target Raised to $8.00

New Gold (NYSE:NGD) had its target price hoisted by Scotiabank from $5.50 to $8.00 in a report issued on Thursday morning, MarketBeat.com reports. Scotiabank currently has a sector outperform rating on the stock.

NGD has been the subject of several other research reports. Raymond James Financial restated a “market perform” rating and set a $7.00 price objective on shares of New Gold in a report on Friday, October 10th. CIBC upped their price objective on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a report on Friday, October 10th. Finally, National Bankshares reiterated an “outperform” rating on shares of New Gold in a report on Tuesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $6.46.

New Gold Trading Up 0.5%

NYSE:NGD opened at $6.49 on Thursday. New Gold has a 52 week low of $2.43 and a 52 week high of $7.59. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The firm’s fifty day moving average is $6.51 and its 200-day moving average is $5.10. The firm has a market cap of $5.14 billion, a P/E ratio of 49.93 and a beta of 0.46.

Institutional Trading of New Gold

A number of institutional investors and hedge funds have recently modified their holdings of the business. Burford Brothers Inc. purchased a new position in New Gold in the third quarter worth $81,000. SeaBridge Investment Advisors LLC bought a new stake in shares of New Gold during the 3rd quarter worth $141,000. Byrne Asset Management LLC purchased a new position in shares of New Gold in the 3rd quarter worth about $60,000. CWA Asset Management Group LLC grew its position in New Gold by 386.4% during the third quarter. CWA Asset Management Group LLC now owns 165,662 shares of the company’s stock valued at $1,189,000 after buying an additional 131,604 shares during the period. Finally, U S Global Investors Inc. increased its holdings in New Gold by 262.9% during the third quarter. U S Global Investors Inc. now owns 998,054 shares of the company’s stock worth $7,166,000 after buying an additional 723,054 shares during the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

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.