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

New Gold Inc. (NYSE:NGD) has received a consensus rating of “Buy” from the seven ratings firms that are presently covering the company, MarketBeat reports. One research 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 12-month price target among brokerages that have issued ratings on the stock in the last year is $3.60.

Several research firms have recently commented on NGD. Scotiabank increased their target price 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 reduced their target price 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

Several institutional investors and hedge funds have recently made changes to their positions in NGD. Hillsdale Investment Management Inc. raised its position in shares of New Gold by 97.1% during the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock valued at $23,657,000 after acquiring an additional 4,671,399 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of New Gold by 97.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company’s stock valued at $14,742,000 after acquiring an additional 2,931,470 shares in the last quarter. Nokomis Capital L.L.C. increased its position in New Gold by 203.8% in the fourth quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company’s stock worth $10,285,000 after buying an additional 2,782,296 shares during the period. BNP Paribas Financial Markets increased its position in New Gold by 9,360.7% in the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after buying an additional 2,664,153 shares during the period. Finally, Renaissance Technologies LLC increased its position in New Gold by 11.6% in the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock worth $62,363,000 after buying an additional 2,619,782 shares during the period. 42.82% of the stock is owned by institutional investors and hedge funds.

New Gold Stock Performance

New Gold stock opened at $3.34 on Friday. The stock has a market cap of $2.64 billion, a P/E ratio of 25.69 and a beta of 1.35. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The stock has a 50 day moving average of $2.90 and a 200-day moving average of $2.81. New Gold has a 52 week low of $1.52 and a 52 week high of $3.48.

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.