New Gold (NYSE:NGD) Hits New 52-Week High – What’s Next?

New Gold Inc. (NYSE:NGD) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $8.62 and last traded at $8.28, with a volume of 18718847 shares changing hands. The stock had previously closed at $8.35.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. National Bankshares reissued an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Raymond James Financial reiterated a “market perform” rating and issued a $7.00 target price on shares of New Gold in a research report on Friday, October 10th. CIBC increased their target price on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a report on Friday, October 10th. TD Securities upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Monday. Finally, Scotiabank lifted their price target on shares of New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $7.38.

New Gold Stock Down 0.8%

The firm has a 50-day simple moving average of $7.09 and a 200 day simple moving average of $5.76. The stock has a market capitalization of $6.56 billion, a P/E ratio of 63.70 and a beta of 0.52. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

Hedge Funds Weigh In On New Gold

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp raised its stake in shares of New Gold by 50.7% during the third quarter. Van ECK Associates Corp now owns 72,796,146 shares of the company’s stock valued at $522,678,000 after acquiring an additional 24,495,669 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in New Gold by 89.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock worth $143,011,000 after purchasing an additional 13,591,642 shares during the last quarter. American Century Companies Inc. lifted its holdings in New Gold by 8.2% during the 3rd quarter. American Century Companies Inc. now owns 16,883,444 shares of the company’s stock worth $120,985,000 after buying an additional 1,272,621 shares during the period. Invesco Ltd. grew its position in shares of New Gold by 16.9% in the 1st quarter. Invesco Ltd. now owns 15,761,737 shares of the company’s stock valued at $58,476,000 after buying an additional 2,280,732 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of New Gold by 16.5% in the third quarter. JPMorgan Chase & Co. now owns 13,357,047 shares of the company’s stock valued at $95,904,000 after buying an additional 1,891,468 shares during the period. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.