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

Bank of America upgraded shares of New Gold (NYSE:NGD) from an underperform rating to a buy rating in a research report sent to investors on Wednesday, Marketbeat.com reports. The brokerage currently has $3.90 price objective on the stock, up from their previous price objective of $2.60.

A number of other equities research analysts have also weighed in on NGD. CIBC lowered their price objective on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a report on Thursday, February 27th. Scotiabank boosted their price target on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. Finally, National Bank Financial raised 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, six have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $3.66.

New Gold Price Performance

NGD opened at $3.60 on Wednesday. The stock has a market capitalization of $2.85 billion, a P/E ratio of 27.69 and a beta of 1.35. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. New Gold has a 12-month low of $1.66 and a 12-month high of $3.78. The stock has a 50-day moving average price of $3.01 and a 200-day moving average price of $2.86.

Institutional Trading of New Gold

Institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its holdings in 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 acquiring an additional 4,500 shares in the last quarter. Oxbow Advisors LLC lifted its position in shares of New Gold by 1.7% in the 4th quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock worth $687,000 after purchasing an additional 4,624 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of New Gold by 11.9% during the 4th quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock valued at $125,000 after purchasing an additional 5,331 shares in the last quarter. Captrust Financial Advisors increased its position in shares of New Gold by 17.6% during the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock valued at $129,000 after buying an additional 6,700 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in New Gold by 0.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock worth $2,258,000 after buying an additional 7,367 shares in the last quarter. 42.82% of the stock is currently owned by hedge funds and other 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.