New Gold Inc. (NYSE:NGD) Given Consensus Rating of “Buy” by Analysts

New Gold Inc. (NYSE:NGD) has been given an average rating of “Buy” by the seven analysts that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $3.60.

A number of research analysts have recently commented on the company. Scotiabank raised their price target on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. CIBC lowered 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.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its stake in New Gold by 9,360.7% during the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock valued at $7,755,000 after buying an additional 2,664,153 shares in the last quarter. XTX Topco Ltd boosted its stake in New Gold by 294.7% during the third quarter. XTX Topco Ltd now owns 488,959 shares of the company’s stock valued at $1,408,000 after buying an additional 365,079 shares in the last quarter. Atria Wealth Solutions Inc. bought a new position in New Gold during the fourth quarter valued at about $87,000. Centiva Capital LP bought a new position in New Gold during the third quarter valued at about $595,000. Finally, National Bank of Canada FI boosted its stake in New Gold by 22.9% during the third quarter. National Bank of Canada FI now owns 2,374,142 shares of the company’s stock valued at $6,844,000 after buying an additional 442,527 shares in the last quarter. Institutional investors own 42.82% of the company’s stock.

New Gold Price Performance

Shares of NYSE NGD opened at $3.34 on Friday. New Gold has a 1-year low of $1.52 and a 1-year high of $3.48. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The business’s fifty day moving average price is $2.90 and its two-hundred day moving average price is $2.81. The firm has a market capitalization of $2.64 billion, a PE ratio of 25.69 and a beta of 1.35.

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.