National Bank Raised the Firm’s PT on New Gold (NGD), Kept an Overweight Rating

New Gold Inc. (NYSEAMERICAN:NGD) is one of the 11 Hot Penny Stocks to Buy Right Now. On June 24, National Bank analyst Shane Nagle raised the firm’s price target on New Gold Inc. (NYSEAMERICAN:NGD) from C$6.75 to C$8, while keeping an Overweight rating.

The improved outlook comes after the company announced its Q1 2025 results, which showed improved production profiles. The consolidated production outlook reached 52,186 ounces of gold and 13.6 million pounds of copper, representing approximately 15% of the midpoint of annual consolidated production guidance of 325,000 to 365,000 ounces of gold.

National Bank Raised the Firm's PT on New Gold (NGD), Kept an Overweight Rating

Aerial view of an open mine with large cranes and excavators working on the surface.

As a result, the consolidated revenue reached $209.1 million, ahead of $192.1 revenue a year ago. Moreover, New Gold Inc. (NYSEAMERICAN:NGD) released two new technical reports that outlined robust production profiles with lower costs for both New Afton and Rainy River. These reports provide a roadmap for increased production, reduced costs, and extended mine life, which are expected to drive shareholder value.

New Gold Inc. (NYSEAMERICAN:NGD) is a Canadian intermediate gold mining company. The company is engaged in mining and the production of gold, silver, and copper.

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Disclosure: None. This article is originally published at Insider Monkey.