New Gold Inc. (NYSE:NGD) Given Average Rating of “Buy” by Analysts

Shares of New Gold Inc. (NYSE:NGD) have received a consensus recommendation of “Buy” from the five brokerages that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $4.56.

Several equities analysts recently issued reports on the stock. CIBC upped their price objective on shares of New Gold from $5.50 to $6.25 and gave the company an “outperformer” rating in a research note on Tuesday, July 15th. Raymond James Financial upgraded New Gold to a “hold” rating and set a $4.00 price objective on the stock in a report on Monday, June 30th. Finally, National Bankshares reiterated an “outperform” rating on shares of New Gold in a research note on Tuesday.

New Gold Stock Down 2.8%

NGD opened at $6.34 on Friday. The firm has a market cap of $5.02 billion, a P/E ratio of 48.77 and a beta of 0.43. 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 business’s fifty day simple moving average is $5.03 and its 200 day simple moving average is $4.24. New Gold has a 52 week low of $2.37 and a 52 week high of $6.60.

Hedge Funds Weigh In On New Gold

Large investors have recently bought and sold shares of the stock. Creative Planning raised its stake in New Gold by 8.1% during the second quarter. Creative Planning now owns 27,575 shares of the company’s stock worth $136,000 after acquiring an additional 2,071 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of New Gold by 0.6% during the second quarter. Russell Investments Group Ltd. now owns 473,856 shares of the company’s stock valued at $2,342,000 after purchasing an additional 2,679 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of New Gold by 17.8% during the 1st quarter. Hsbc Holdings PLC now owns 25,176 shares of the company’s stock worth $93,000 after purchasing an additional 3,808 shares during the period. Oxbow Advisors LLC lifted its holdings in shares of New Gold by 1.9% in the 1st quarter. Oxbow Advisors LLC now owns 282,400 shares of the company’s stock worth $1,048,000 after purchasing an additional 5,400 shares during the last quarter. Finally, State of Wyoming boosted its position in New Gold by 32.1% during the 2nd quarter. State of Wyoming now owns 26,600 shares of the company’s stock valued at $132,000 after purchasing an additional 6,465 shares during the period. Hedge funds and other institutional investors 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.