New Gold Inc. (NYSE:NGD) Shares Acquired by Northwest & Ethical Investments L.P.

Northwest & Ethical Investments L.P. lifted its position in shares of New Gold Inc. (NYSE:NGD) by 75.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 424,134 shares of the company’s stock after buying an additional 182,256 shares during the period. Northwest & Ethical Investments L.P. owned approximately 0.05% of New Gold worth $1,057,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. DGS Capital Management LLC purchased a new stake in New Gold during the 4th quarter worth $30,000. Generali Investments CEE investicni spolecnost a.s. purchased a new stake in New Gold during the 4th quarter worth $74,000. Atria Wealth Solutions Inc. purchased a new stake in New Gold during the 4th quarter worth $87,000. Daiwa Securities Group Inc. purchased a new stake in New Gold during the 4th quarter worth $103,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in New Gold during the 4th quarter worth $107,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NGD. CIBC decreased their price target on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Scotiabank upped their price objective on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, New Gold presently has a consensus rating of “Buy” and an average target price of $3.60.

New Gold Stock Performance

NYSE:NGD opened at $3.22 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The firm has a 50-day moving average of $2.93 and a two-hundred day moving average of $2.82. The stock has a market cap of $2.55 billion, a P/E ratio of 24.77 and a beta of 1.35. New Gold Inc. has a 1-year low of $1.56 and a 1-year high of $3.48.

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.