Analysts Set New Gold Inc. (NYSE:NGD) PT at $3.60

New Gold Inc. (NYSE:NGD) has been given a consensus recommendation of “Buy” by the six analysts that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $3.60.

Separately, Scotiabank upped their target price on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th.

Institutional Investors Weigh In On New Gold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in New Gold by 0.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock worth $2,258,000 after purchasing an additional 7,367 shares during the period. Wexford Capital LP acquired a new stake in shares of New Gold during the 4th quarter valued at about $310,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of New Gold during the 4th quarter valued at about $43,000. Man Group plc acquired a new stake in shares of New Gold during the 4th quarter valued at about $611,000. Finally, Nokomis Capital L.L.C. grew its position in shares of New Gold by 203.8% during the 4th quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company’s stock valued at $10,285,000 after acquiring an additional 2,782,296 shares during the period. 42.82% of the stock is owned by institutional investors and hedge funds.

New Gold Price Performance

NYSE NGD opened at $2.82 on Monday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The stock’s fifty day moving average price is $2.77 and its 200 day moving average price is $2.76. New Gold has a 1 year low of $1.10 and a 1 year high of $3.25. The company has a market cap of $2.23 billion, a price-to-earnings ratio of 21.69 and a beta of 1.36.

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.