New Gold (NYSE:NGD) Upgraded at Bank of America

New Gold (NYSE:NGD) was upgraded by research analysts at Bank of America from an “underperform” rating to a “buy” rating in a report issued on Wednesday,Finviz reports. The brokerage presently has a $3.90 target price on the stock, up from their prior target price of $2.60. Bank of America‘s price target would suggest a potential upside of 15.73% from the stock’s previous close.

A number of other equities analysts have also recently commented on NGD. Scotiabank lifted their price target 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. National Bank Financial raised shares of New Gold to a “strong-buy” rating in a research note on Friday, March 21st. Finally, CIBC dropped their price target on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $3.66.

New Gold Stock Performance

New Gold stock opened at $3.37 on Wednesday. The firm has a fifty day simple moving average of $2.96 and a two-hundred day simple moving average of $2.84. New Gold has a twelve month low of $1.56 and a twelve month high of $3.48. The company has a market capitalization of $2.67 billion, a PE ratio of 25.93 and a beta of 1.35. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Institutional Investors Weigh In On New Gold

Several hedge funds have recently bought and sold shares of the business. Hillsdale Investment Management Inc. grew its stake in shares of New Gold by 97.1% in the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock worth $23,657,000 after buying an additional 4,671,399 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in New Gold by 97.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company’s stock worth $14,742,000 after acquiring an additional 2,931,470 shares in the last quarter. Nokomis Capital L.L.C. grew its stake in shares of 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 acquiring an additional 2,782,296 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of 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 acquiring an additional 2,664,153 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of New Gold by 11.6% during the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock valued at $62,363,000 after acquiring an additional 2,619,782 shares in the last quarter. Institutional investors own 42.82% of the company’s stock.

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.