New Gold (NYSE:NGD) Upgraded 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 research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The firm presently has a $3.90 target price on the stock, up from their prior target price of $2.60. Bank of America‘s target price indicates a potential upside of 7.73% from the stock’s current price.

NGD has been the topic of several other reports. CIBC decreased their price target on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Scotiabank raised their price objective on 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 upgraded New Gold to a “strong-buy” rating in a research report on Friday, March 21st. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $3.66.

New Gold Stock Performance

Shares of NGD stock opened at $3.62 on Wednesday. New Gold has a 52 week low of $1.66 and a 52 week high of $3.62. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of 27.85 and a beta of 1.35. The company has a 50-day simple moving average of $2.99 and a 200 day simple moving average of $2.85. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

Hedge Funds Weigh In On New Gold

Several large investors have recently modified their holdings of NGD. Renaissance Technologies LLC raised its position in shares of New Gold by 11.6% during the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock worth $62,363,000 after acquiring an additional 2,619,782 shares during the last quarter. Invesco Ltd. lifted its holdings in New Gold by 3.6% in the fourth quarter. Invesco Ltd. now owns 13,481,005 shares of the company’s stock valued at $33,433,000 after buying an additional 469,748 shares during the period. American Century Companies Inc. boosted its position in New Gold by 3.9% during the fourth quarter. American Century Companies Inc. now owns 12,250,758 shares of the company’s stock valued at $30,577,000 after acquiring an additional 459,317 shares during the last quarter. Bank of Montreal Can grew its holdings in New Gold by 36.9% during the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company’s stock worth $24,203,000 after acquiring an additional 2,613,285 shares during the period. Finally, Hillsdale Investment Management Inc. lifted its stake in shares of New Gold by 97.1% in the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock valued at $23,657,000 after purchasing an additional 4,671,399 shares during the period. Institutional investors 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.