New Gold (NYSE:NGD) Price Target Raised to $4.75

New Gold (NYSE:NGD) had its target price increased by investment analysts at Scotiabank from $4.25 to $4.75 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price objective points to a potential upside of 33.05% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Bank of America raised New Gold from an “underperform” rating to a “buy” rating and increased their target price for the stock from $2.60 to $3.90 in a research note on Wednesday, March 26th. 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 reaffirmed an “outperform” rating on shares of New Gold in a report on Wednesday, April 2nd. New Street Research set a $3.90 target price on shares of New Gold in a research note on Wednesday, March 26th. Finally, National Bank Financial raised shares of New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $3.85.

New Gold Price Performance

Shares of NGD stock remained flat at $3.57 during trading hours on Monday. 7,785,826 shares of the stock traded hands, compared to its average volume of 11,281,859. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The stock has a 50-day moving average price of $3.11 and a two-hundred day moving average price of $2.88. New Gold has a 1 year low of $1.66 and a 1 year high of $3.78. The firm has a market cap of $2.83 billion, a PE ratio of 27.46 and a beta of 0.93.

Institutional Investors Weigh In On New Gold

Hedge funds have recently added to or reduced their stakes in the stock. SIH Partners LLLP purchased a new position in shares of New Gold in the 4th quarter worth $27,000. Tudor Investment Corp ET AL bought a new stake in shares of New Gold during the 4th quarter valued at about $27,000. DGS Capital Management LLC bought a new stake in shares of New Gold during the 4th quarter valued at about $30,000. Samalin Investment Counsel LLC purchased a new stake in shares of New Gold during the 4th quarter valued at about $32,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of New Gold in the 4th quarter worth approximately $39,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

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.