New Gold (NYSE:NGD) Given New $4.00 Price Target at Scotiabank

New Gold (NYSE:NGD) had its price target hoisted by Scotiabank from $3.50 to $4.00 in a research note issued to investors on Thursday,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Separately, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $3.60.

New Gold Price Performance

NGD stock opened at $3.03 on Thursday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. New Gold has a 52 week low of $1.09 and a 52 week high of $3.25. The firm’s fifty day moving average is $2.77 and its 200 day moving average is $2.72. The firm has a market cap of $2.40 billion, a P/E ratio of 151.50 and a beta of 1.36.

Institutional Investors Weigh In On New Gold

Several institutional investors have recently added to or reduced their stakes in NGD. SG Americas Securities LLC boosted its position in New Gold by 49.9% during the 3rd quarter. SG Americas Securities LLC now owns 145,990 shares of the company’s stock valued at $420,000 after buying an additional 48,614 shares during the period. Kohmann Bosshard Financial Services LLC boosted its position in New Gold by 34.6% during the 3rd quarter. Kohmann Bosshard Financial Services LLC now owns 35,000 shares of the company’s stock valued at $101,000 after buying an additional 9,000 shares during the period. Allspring Global Investments Holdings LLC boosted its position in New Gold by 684.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company’s stock valued at $4,255,000 after buying an additional 1,279,500 shares during the period. Eastern Bank purchased a new stake in shares of New Gold in the 3rd quarter worth about $33,000. Finally, DORCHESTER WEALTH MANAGEMENT Co purchased a new stake in shares of New Gold in the 3rd quarter worth about $592,000. Hedge funds and other 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.