Brokerages Set New Gold Inc. (NYSE:NGD) PT at $3.60

Shares of New Gold Inc. (NYSE:NGD) have received a consensus recommendation of “Buy” from the seven ratings firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $3.60.

Several equities research analysts recently commented on the company. Scotiabank raised their target price on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. CIBC reduced their price objective 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 Inflows and Outflows

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

New Gold Trading Down 1.2 %

NYSE NGD opened at $3.19 on Friday. The business has a 50 day simple moving average of $2.87 and a 200 day simple moving average of $2.80. New Gold has a one year low of $1.52 and a one year high of $3.31. The stock has a market capitalization of $2.52 billion, a P/E ratio of 24.54 and a beta of 1.35. 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.