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

Bank of America upgraded shares of New Gold (TSE:NGD) (ARCA:NGD) from an underperform rating to a buy rating in a report issued on Wednesday,BayStreet.CA reports. Bank of America currently has C$5.45 price target on the stock, up from their prior price target of C$3.65.

Separately, National Bank Financial raised shares of New Gold to a “strong-buy” rating in a research note on Friday, March 21st. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of C$4.34.

New Gold Price Performance

NGD stock opened at C$5.18 on Wednesday. New Gold has a 1 year low of C$2.26 and a 1 year high of C$5.39. The company has a debt-to-equity ratio of 45.12, a current ratio of 1.42 and a quick ratio of 1.64. The stock has a market cap of C$2.85 billion, a price-to-earnings ratio of 141.76, a P/E/G ratio of -3.02 and a beta of 1.59. The company has a 50 day simple moving average of C$4.31 and a 200 day simple moving average of C$4.01.

Insider Buying and Selling

In related news, Senior Officer Keith Murphy sold 41,863 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of C$4.29, for a total transaction of C$179,592.27. 4.92% of the stock is owned by insiders.

About New Gold

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.