Analysts Set New Gold Inc. (NYSE:NGD) PT at $3.74

New Gold Inc. (NYSE:NGD) has received an average recommendation of “Buy” from the ten ratings firms that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $3.78.

NGD has been the subject of a number of recent research reports. Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $2.60 to $3.90 in a research report on Wednesday, March 26th. National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Raymond James set a $4.00 price objective on shares of New Gold and gave the company a “market perform” rating in a research report on Friday, April 4th. National Bankshares restated an “outperform” rating on shares of New Gold in a research report on Wednesday, April 2nd. Finally, Scotiabank lifted their price target on New Gold from $4.00 to $4.25 and gave the company a “sector outperform” rating in a report on Tuesday.

Institutional Trading of New Gold

Institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company raised its holdings in New Gold by 22.7% during the third quarter. The Manufacturers Life Insurance Company now owns 805,399 shares of the company’s stock worth $2,337,000 after purchasing an additional 148,743 shares in the last quarter. Walleye Capital LLC bought a new position in New Gold during the 3rd quarter valued at $287,000. Captrust Financial Advisors increased its position in shares of New Gold by 17.6% during the 3rd quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock valued at $129,000 after purchasing an additional 6,700 shares during the period. HighTower Advisors LLC raised its stake in shares of New Gold by 505.1% in the 3rd quarter. HighTower Advisors LLC now owns 111,360 shares of the company’s stock worth $320,000 after buying an additional 92,956 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in shares of New Gold by 18.7% in the third quarter. Two Sigma Advisers LP now owns 4,322,930 shares of the company’s stock valued at $12,450,000 after buying an additional 681,822 shares during the period. 42.82% of the stock is owned by institutional investors and hedge funds.

New Gold Trading Up 4.9 %

NYSE:NGD opened at $3.40 on Tuesday. 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 has a 52 week low of $1.66 and a 52 week high of $3.78. The business’s 50 day moving average is $3.10 and its two-hundred day moving average is $2.88. The company has a market cap of $2.69 billion, a PE ratio of 26.16 and a beta of 0.93.

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.