New Gold (NYSE:NGD) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of New Gold (NYSE:NGD) from a hold rating to a buy rating in a research note published on Friday morning.

Several other research firms have also recently commented on NGD. Raymond James set a $4.00 target price on New Gold and gave the stock a “market perform” rating in a research note on Friday, April 4th. CIBC raised their price objective on shares of New Gold from $3.40 to $4.75 and gave the stock an “outperformer” rating in a research report on Thursday. New Street Research set a $3.90 target price on shares of New Gold in a research report on Wednesday, March 26th. Bank of America upgraded shares of New Gold from an “underperform” rating to a “buy” rating and raised their price target for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. Finally, National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a report on Friday, March 21st. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, New Gold currently has an average rating of “Buy” and an average target price of $4.04.

New Gold Price Performance

NGD stock opened at $4.18 on Friday. 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 company’s fifty day simple moving average is $3.44 and its 200 day simple moving average is $3.00. New Gold has a 12-month low of $1.74 and a 12-month high of $4.21. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 32.16 and a beta of 0.54.

Hedge Funds Weigh In On New Gold

A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its stake in shares of New Gold by 2.0% in the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock worth $1,084,000 after purchasing an additional 7,394 shares during the last quarter. DGS Capital Management LLC bought a new position in New Gold during the 4th quarter valued at $30,000. Caprock Group LLC boosted its holdings in New Gold by 118.2% during the 4th quarter. Caprock Group LLC now owns 1,745,627 shares of the company’s stock worth $4,329,000 after acquiring an additional 945,453 shares during the last quarter. JGP Global Gestao de Recursos Ltda. grew its stake in shares of New Gold by 27.8% in the 4th quarter. JGP Global Gestao de Recursos Ltda. now owns 6,500,000 shares of the company’s stock worth $16,120,000 after acquiring an additional 1,412,003 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of New Gold by 0.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock valued at $3,669,000 after purchasing an additional 4,500 shares during the last quarter. Institutional investors and hedge funds 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.