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

New Gold (NYSE:NGD) was upgraded by analysts at Bank of America from an “underperform” rating to a “buy” rating in a note issued to investors on Wednesday,Finviz reports. The firm presently has a $3.90 price objective on the stock, up from their previous price objective of $2.60. Bank of America‘s price target points to a potential upside of 15.73% from the stock’s previous close.

Other analysts also recently issued reports about the company. Scotiabank raised their target price on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. National Bank Financial upgraded New Gold to a “strong-buy” rating in a research note on Friday, March 21st. Finally, CIBC dropped their price objective on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a report on Thursday, February 27th. One 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $3.66.

New Gold Stock Performance

Shares of NGD opened at $3.37 on Wednesday. New Gold has a 12 month low of $1.56 and a 12 month high of $3.48. The stock has a 50 day moving average of $2.96 and a 200 day moving average of $2.84. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 25.93 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.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its stake in New Gold by 0.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock worth $3,669,000 after buying an additional 4,500 shares in the last quarter. Oxbow Advisors LLC grew its position in New Gold by 1.7% in the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock worth $687,000 after acquiring an additional 4,624 shares in the last quarter. Bank of New York Mellon Corp grew its position in New Gold by 11.9% in the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock worth $125,000 after acquiring an additional 5,331 shares in the last quarter. Captrust Financial Advisors raised its position in 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 purchasing an additional 6,700 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in New Gold by 0.8% during 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 valued at $2,258,000 after purchasing an additional 7,367 shares in the last quarter. 42.82% of the stock is currently owned by institutional investors.

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.