New Gold Inc. (NYSE:NGD) Receives $3.60 Consensus Target Price from Analysts

New Gold Inc. (NYSE:NGD) has received an average rating of “Buy” from the seven analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $3.60.

Several equities research analysts recently commented on NGD shares. Scotiabank boosted their price target on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. CIBC lowered their price target on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th.

Institutional Investors Weigh In On New Gold

A number of large investors have recently added to or reduced their stakes in NGD. SIH Partners LLLP acquired a new position in shares of New Gold during the fourth quarter worth approximately $27,000. Tudor Investment Corp ET AL acquired a new position in shares of New Gold during the fourth quarter worth approximately $27,000. DGS Capital Management LLC acquired a new position in shares of New Gold during the fourth quarter worth approximately $30,000. Samalin Investment Counsel LLC acquired a new position in shares of New Gold during the fourth quarter worth approximately $32,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in shares of New Gold during the fourth quarter worth approximately $39,000. Institutional investors own 42.82% of the company’s stock.

New Gold Trading Down 1.5 %

NYSE:NGD opened at $3.33 on Friday. The stock has a market cap of $2.63 billion, a PE ratio of 25.62 and a beta of 1.35. The stock’s 50-day moving average is $2.92 and its two-hundred day moving average is $2.82. New Gold has a fifty-two week low of $1.56 and a fifty-two week high of $3.48. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

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.