New Gold (NYSE:NGD) Reaches New 52-Week High – Should You Buy?

Shares of New Gold Inc. (NYSE:NGD) reached a new 52-week high on Monday . The company traded as high as $13.63 and last traded at $13.41, with a volume of 2154745 shares traded. The stock had previously closed at $12.85.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NGD. TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Monday, December 1st. Raymond James Financial reissued a “market perform” rating and set a $7.00 price objective on shares of New Gold in a research report on Friday, October 10th. CIBC upped their target price on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. National Bankshares reiterated an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th. Finally, Scotiabank reissued an “outperform” rating and set a $12.75 price objective on shares of New Gold in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $8.18.

New Gold Trading Down 2.8%

The stock’s 50 day moving average is $8.86 and its 200-day moving average is $7.03. The company has a market cap of $9.89 billion, a P/E ratio of 96.45 and a beta of 0.62. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Hedge Funds Weigh In On New Gold

Hedge funds have recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC purchased a new stake in New Gold during the 3rd quarter valued at $1,625,000. Triasima Portfolio Management inc. lifted its holdings in shares of New Gold by 41.2% during the third quarter. Triasima Portfolio Management inc. now owns 849,586 shares of the company’s stock valued at $6,088,000 after purchasing an additional 247,821 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of New Gold by 9.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,033,000 shares of the company’s stock valued at $21,723,000 after purchasing an additional 250,000 shares in the last quarter. Scotia Capital Inc. boosted its position in shares of New Gold by 390.2% during the second quarter. Scotia Capital Inc. now owns 174,019 shares of the company’s stock valued at $857,000 after buying an additional 138,519 shares during the last quarter. Finally, Quantbot Technologies LP increased its holdings in New Gold by 493.5% in the 2nd quarter. Quantbot Technologies LP now owns 1,034,473 shares of the company’s stock worth $5,121,000 after buying an additional 860,174 shares in the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Company Profile

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.