Analysts Set New Gold Inc. (NYSE:NGD) Price Target at $6.63

Shares of New Gold Inc. (NYSE:NGD) have been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $6.6333.

Several brokerages have recently commented on NGD. Scotiabank increased their price objective on New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. CIBC boosted their price objective on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research report on Friday, October 10th. TD Securities restated a “hold” rating and set a $7.50 target price on shares of New Gold in a report on Thursday, October 30th. National Bankshares reissued an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th. Finally, Raymond James Financial reiterated a “market perform” rating and issued a $7.00 price objective on shares of New Gold in a report on Friday, October 10th.

New Gold Price Performance

New Gold stock opened at $6.75 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The business has a 50-day simple moving average of $6.95 and a 200 day simple moving average of $5.58. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of 51.93 and a beta of 0.52. New Gold has a 52 week low of $2.43 and a 52 week high of $7.75.

Hedge Funds Weigh In On New Gold

Several large investors have recently modified their holdings of NGD. Kestra Private Wealth Services LLC purchased a new position in New Gold in the third quarter worth about $93,000. PharVision Advisers LLC bought a new stake in shares of New Gold during the 3rd quarter valued at about $125,000. Parvin Asset Management LLC increased its position in shares of New Gold by 2.1% during the 3rd quarter. Parvin Asset Management LLC now owns 193,350 shares of the company’s stock valued at $1,388,000 after purchasing an additional 4,000 shares during the last quarter. Voloridge Investment Management LLC purchased a new position in shares of New Gold in the third quarter worth approximately $49,428,000. Finally, Wexford Capital LP boosted its stake in shares of New Gold by 18.2% during the 3rd quarter. Wexford Capital LP now owns 147,761 shares of the company’s stock worth $1,061,000 after acquiring an additional 22,761 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

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.