Brokerages Set New Gold Inc. (NYSE:NGD) Target Price at $7.38

New Gold Inc. (NYSE:NGD) has earned a consensus rating of “Buy” from the seven analysts that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $7.3833.

A number of brokerages have commented on NGD. CIBC raised their price objective on New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. TD Securities raised New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Monday, December 1st. National Bankshares reiterated an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th. Raymond James Financial restated a “market perform” rating and issued a $7.00 price objective on shares of New Gold in a research note on Friday, October 10th. Finally, Scotiabank lifted their target price on shares of New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd.

Institutional Investors Weigh In On New Gold

Several large investors have recently modified their holdings of the stock. Employees Retirement System of Texas bought a new position in shares of New Gold during the 2nd quarter worth approximately $32,000. Wealth Enhancement Advisory Services LLC acquired a new position in New Gold during the third quarter worth $41,000. MAI Capital Management bought a new position in shares of New Gold during the third quarter valued at $43,000. SBI Securities Co. Ltd. boosted its stake in shares of New Gold by 1,837.7% in the 2nd quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock valued at $44,000 after purchasing an additional 8,472 shares in the last quarter. Finally, Wealthspire Advisors LLC bought a new stake in shares of New Gold in the 2nd quarter worth about $50,000. 42.82% of the stock is currently owned by institutional investors.

New Gold Price Performance

Shares of New Gold stock opened at $8.35 on Friday. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The firm has a fifty day simple moving average of $7.34 and a 200-day simple moving average of $6.08. The stock has a market capitalization of $6.61 billion, a price-to-earnings ratio of 64.24 and a beta of 0.65. New Gold has a 1-year low of $2.43 and a 1-year high of $8.85.

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.