New Gold Inc. (NYSE:NGD) Given Consensus Rating of “Moderate Buy” by Brokerages

New Gold Inc. (NYSE:NGD) has been given an average rating of “Moderate Buy” by the seven analysts that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $6.6333.

Several equities analysts have weighed in on NGD shares. Raymond James Financial reaffirmed a “market perform” rating and issued a $7.00 price objective on shares of New Gold in a report on Friday, October 10th. CIBC lifted their price objective on New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a report on Friday, October 10th. TD Securities reaffirmed a “hold” rating and issued a $7.50 price objective on shares of New Gold in a report on Thursday. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a report on Thursday. Finally, Scotiabank lifted their price objective on New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd.

Hedge Funds Weigh In On New Gold

Hedge funds and other institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC bought a new position in shares of New Gold in the 3rd quarter valued at $41,000. Employees Retirement System of Texas bought a new position in shares of New Gold in the 2nd quarter valued at $32,000. Global Retirement Partners LLC increased its stake in shares of New Gold by 190.7% in the 3rd quarter. Global Retirement Partners LLC now owns 7,031 shares of the company’s stock valued at $50,000 after purchasing an additional 4,612 shares during the last quarter. Byrne Asset Management LLC bought a new position in shares of New Gold in the 3rd quarter valued at $60,000. Finally, SBI Securities Co. Ltd. increased 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 during the last quarter. Institutional investors own 42.82% of the company’s stock.

New Gold Price Performance

Shares of NYSE NGD opened at $7.34 on Friday. The stock has a market capitalization of $5.81 billion, a PE ratio of 56.47 and a beta of 0.46. 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 business has a fifty day moving average price of $6.67 and a two-hundred day moving average price of $5.22. New Gold has a fifty-two week low of $2.43 and a fifty-two week high of $7.61.

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.