New Gold Sees Unusually Large Options Volume (NYSE:NGD)

New Gold Inc. (NYSE:NGD) was the recipient of unusually large options trading activity on Wednesday. Stock investors acquired 10,911 call options on the company. This represents an increase of 151% compared to the average daily volume of 4,345 call options.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. CIBC dropped their price target on New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Raymond James set a $4.00 target price on New Gold and gave the stock a “market perform” rating in a research report on Friday. National Bankshares reiterated an “outperform” rating on shares of New Gold in a research report on Wednesday, April 2nd. Scotiabank boosted their price objective on New Gold from $4.00 to $4.25 and gave the stock a “sector outperform” rating in a report on Tuesday. Finally, National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a report on Friday, March 21st. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, New Gold currently has a consensus rating of “Buy” and an average price target of $3.78.

New Gold Stock Up 5.2 %

NYSE:NGD traded up $0.16 on Wednesday, hitting $3.14. 4,361,974 shares of the company’s stock traded hands, compared to its average volume of 11,094,088. The company has a market cap of $2.48 billion, a PE ratio of 24.04 and a beta of 0.93. New Gold has a 1 year low of $1.66 and a 1 year high of $3.78. 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 firm has a 50-day moving average price of $3.08 and a 200-day moving average price of $2.88.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its stake in shares of New Gold by 0.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock valued at $3,669,000 after buying an additional 4,500 shares during the period. Oxbow Advisors LLC boosted its position in New Gold by 1.7% during the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock valued at $687,000 after purchasing an additional 4,624 shares during the last quarter. Bank of New York Mellon Corp grew its stake in New Gold by 11.9% in the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock valued at $125,000 after purchasing an additional 5,331 shares in the last quarter. Captrust Financial Advisors increased its position in New Gold by 17.6% in the 3rd quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock worth $129,000 after purchasing an additional 6,700 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of New Gold by 0.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock worth $2,258,000 after purchasing an additional 7,367 shares in the last quarter. Institutional investors and hedge funds 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.