Canaccord Genuity Group Issues Positive Forecast for New Gold (TSE:NGD) Stock Price

New Gold (TSE:NGD) (ARCA:NGD) had its price objective boosted by Canaccord Genuity Group from C$9.00 to C$12.50 in a research note issued to investors on Thursday morning,BayStreet.CA reports.

Several other equities analysts have also recently issued reports on the company. Raymond James Financial upgraded New Gold to a “hold” rating in a research report on Monday, June 30th. National Bankshares boosted their price target on New Gold from C$8.00 to C$9.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, New Gold has a consensus rating of “Buy” and an average price target of C$9.15.

New Gold Stock Down 0.1%

NGD opened at C$10.24 on Thursday. The company has a debt-to-equity ratio of 45.12, a quick ratio of 1.64 and a current ratio of 1.42. New Gold has a one year low of C$3.43 and a one year high of C$10.59. The business’s 50-day simple moving average is C$8.04 and its 200-day simple moving average is C$6.53. The stock has a market capitalization of C$8.11 billion, a P/E ratio of 51.20, a price-to-earnings-growth ratio of -3.02 and a beta of 1.21.

About New Gold

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.