New Gold Inc. (NYSE:NGD) Receives Consensus Recommendation of “Buy” from Analysts

Shares of New Gold Inc. (NYSE:NGD) have received a consensus rating of “Buy” from the five research firms that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $4.56.

Several research analysts have recently issued reports on the stock. CIBC raised their target price 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 raised shares of New Gold to a “hold” rating and set a $4.00 price objective on the stock in a research note on Monday, June 30th. Finally, National Bankshares reiterated an “outperform” rating on shares of New Gold in a research report on Tuesday, September 9th.

Institutional Trading of New Gold

Institutional investors and hedge funds have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership raised its position in shares of New Gold by 89.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock valued at $143,011,000 after acquiring an additional 13,591,642 shares during the period. Pale Fire Capital SE acquired a new stake in New Gold in the first quarter worth $23,920,000. JPMorgan Chase & Co. boosted its position in shares of New Gold by 86.4% during the second quarter. JPMorgan Chase & Co. now owns 11,465,579 shares of the company’s stock worth $56,755,000 after purchasing an additional 5,314,473 shares in the last quarter. JGP Global Gestao de Recursos Ltda. grew its holdings in shares of New Gold by 64.4% in the 1st quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company’s stock valued at $39,652,000 after buying an additional 4,187,997 shares during the period. Finally, Cubist Systematic Strategies LLC increased its position in shares of New Gold by 872.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 3,673,684 shares of the company’s stock valued at $18,211,000 after buying an additional 3,295,905 shares in the last quarter. 42.82% of the stock is owned by institutional investors.

New Gold Stock Performance

Shares of NGD opened at $7.35 on Tuesday. The stock’s fifty day simple moving average is $5.82 and its 200-day simple moving average is $4.72. The firm has a market capitalization of $5.82 billion, a PE ratio of 56.54 and a beta of 0.46. New Gold has a 12-month low of $2.43 and a 12-month high of $7.59. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

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.