New Gold (TSE:NGD) Raised to Buy at Bank of America

New Gold (TSE:NGD) (ARCA:NGD) was upgraded by research analysts at Bank of America from an “underperform” rating to a “buy” rating in a note issued to investors on Wednesday,BayStreet.CA reports. The firm currently has a C$5.45 price target on the stock, up from their previous price target of C$3.65. Bank of America‘s price objective would suggest a potential upside of 9.66% from the stock’s current price.

Separately, National Bank Financial raised New Gold to a “strong-buy” rating in a research report on Friday, March 21st. One analyst has rated the stock with a hold rating, five have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of C$4.34.

New Gold Stock Up 3.3 %

Shares of TSE NGD traded up C$0.16 during mid-day trading on Wednesday, reaching C$4.97. The company had a trading volume of 1,486,429 shares, compared to its average volume of 1,644,408. The company has a debt-to-equity ratio of 45.12, a quick ratio of 1.64 and a current ratio of 1.42. The company has a market capitalization of C$2.73 billion, a price-to-earnings ratio of 136.01, a PEG ratio of -3.02 and a beta of 1.59. The stock has a fifty day moving average of C$4.24 and a two-hundred day moving average of C$3.98. New Gold has a 12-month low of C$2.14 and a 12-month high of C$5.08.

Insiders Place Their Bets

In related news, Senior Officer Keith Murphy sold 41,863 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of C$4.29, for a total transaction of C$179,592.27. Insiders own 4.92% of the company’s stock.

About New Gold

New Gold Inc is an intermediate gold mining company. The company has a portfolio of two producing assets: Rainy River Mine and New Afton Mine in Canada. Also, it has interests in the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of Gold, Copper, and Silver.