New Gold (NYSEAMERICAN:NGD) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of New Gold (NYSEAMERICAN:NGD) from a hold rating to a buy rating in a research note issued to investors on Saturday, Zacks.com reports. They currently have $1.00 target price on the basic materials company’s stock.

According to Zacks, “New Gold Inc. is focused on the exploration and development of the Afton Copper-Gold Project, located 6 miles (10 km) west of Kamloops, British Columbia. “

Several other equities research analysts have also recently commented on NGD. Royal Bank of Canada raised New Gold from an underperform rating to a sector perform rating and boosted their target price for the stock from $1.00 to $1.30 in a report on Thursday, September 5th. Canaccord Genuity restated a hold rating on shares of New Gold in a research report on Friday, July 19th. BidaskClub lowered shares of New Gold from a buy rating to a hold rating in a research report on Saturday, August 31st. Raymond James set a $1.25 price target on shares of New Gold and gave the stock a market perform rating in a research report on Friday, August 2nd. Finally, CIBC set a $1.40 price target on shares of New Gold and gave the stock a hold rating in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company’s stock. New Gold has a consensus rating of Hold and a consensus price target of $1.17.

Shares of NYSEAMERICAN:NGD opened at $0.96 on Friday. New Gold has a 12 month low of $0.61 and a 12 month high of $1.56. The stock’s 50 day moving average price is $1.20 and its 200 day moving average price is $0.98.

New Gold (NYSEAMERICAN:NGD) last announced its earnings results on Thursday, August 1st. The basic materials company reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The firm had revenue of $155.10 million for the quarter, compared to the consensus estimate of $166.10 million.

A number of hedge funds and other institutional investors have recently bought and sold shares of NGD. Exor Investments UK LLP grew its position in New Gold by 26.6% during the 2nd quarter. Exor Investments UK LLP now owns 27,626,907 shares of the basic materials company’s stock worth $26,558,000 after purchasing an additional 5,809,242 shares in the last quarter. Morgan Stanley grew its position in New Gold by 32.6% during the 2nd quarter. Morgan Stanley now owns 17,781,978 shares of the basic materials company’s stock worth $17,093,000 after purchasing an additional 4,374,584 shares in the last quarter. Renaissance Technologies LLC grew its position in New Gold by 44.7% during the 2nd quarter. Renaissance Technologies LLC now owns 13,764,730 shares of the basic materials company’s stock worth $13,232,000 after purchasing an additional 4,249,390 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in New Gold by 86.4% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,139,552 shares of the basic materials company’s stock worth $6,939,000 after purchasing an additional 3,308,800 shares in the last quarter. Finally, Invesco Ltd. purchased a new position in New Gold during the 2nd quarter worth approximately $3,093,000. Hedge funds and other institutional investors own 51.53% of the company’s stock.

About New Gold

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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