New Gold (NYSE:NGD) Upgraded by Bank of America to “Buy” Rating

Bank of America upgraded shares of New Gold (NYSE:NGD) from an underperform rating to a buy rating in a report issued on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $3.90 target price on the stock, up from their prior target price of $2.60.

A number of other equities research analysts also recently commented on the stock. National Bank Financial raised shares of New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Scotiabank lifted their price objective on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. Finally, CIBC lowered their target price on New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $3.66.

New Gold Stock Performance

Shares of NYSE NGD opened at $3.60 on Wednesday. The firm’s 50-day moving average price is $3.01 and its 200-day moving average price is $2.86. New Gold has a 52-week low of $1.66 and a 52-week high of $3.78. The company has a market cap of $2.85 billion, a PE ratio of 27.69 and a beta of 1.35. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Hedge Funds Weigh In On New Gold

A number of institutional investors have recently bought and sold shares of the stock. SIH Partners LLLP purchased a new stake in New Gold in the 4th quarter worth approximately $27,000. Tudor Investment Corp ET AL bought a new position in shares of New Gold in the fourth quarter worth approximately $27,000. DGS Capital Management LLC purchased a new stake in shares of New Gold in the fourth quarter worth $30,000. Samalin Investment Counsel LLC bought a new stake in shares of New Gold during the 4th quarter valued at $32,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in shares of New Gold during the 4th quarter valued at $39,000. 42.82% of the stock is owned by institutional investors.

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.