New Gold (NYSEAMERICAN:NGD) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of New Gold (NYSEAMERICAN:NGD) from a strong sell rating to a hold rating in a research report released on Saturday, Zacks.com reports.

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. “

A number of other brokerages also recently commented on NGD. CIBC downgraded shares of New Gold from a neutral rating to a sector underperform rating and set a $0.60 target price for the company. in a report on Friday, February 14th. TD Securities reduced their target price on shares of New Gold from $1.15 to $0.95 and set a hold rating for the company in a report on Friday, February 14th. Canaccord Genuity reiterated a buy rating and issued a $1.50 target price on shares of New Gold in a report on Friday, February 14th. Raymond James set a $1.25 target price on shares of New Gold and gave the stock a market perform rating in a report on Tuesday, February 18th. Finally, Royal Bank of Canada reiterated a sell rating and issued a $0.65 target price on shares of New Gold in a report on Monday, January 27th. Three analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $0.99.

Shares of New Gold stock opened at $0.97 on Friday. The business has a 50-day moving average price of $1.20. New Gold has a one year low of $0.61 and a one year high of $1.56.

New Gold (NYSEAMERICAN:NGD) last announced its earnings results on Thursday, February 13th. The basic materials company reported ($0.04) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.04). The firm had revenue of $139.20 million during the quarter.

Several hedge funds have recently modified their holdings of the company. Van ECK Associates Corp grew its stake in shares of New Gold by 0.7% during the fourth quarter. Van ECK Associates Corp now owns 75,608,880 shares of the basic materials company’s stock worth $66,536,000 after acquiring an additional 533,637 shares during the last quarter. Kopernik Global Investors LLC boosted its position in New Gold by 11.5% in the fourth quarter. Kopernik Global Investors LLC now owns 43,627,115 shares of the basic materials company’s stock valued at $38,392,000 after buying an additional 4,483,657 shares during the last quarter. Exor Investments UK LLP boosted its position in New Gold by 15.0% in the fourth quarter. Exor Investments UK LLP now owns 30,981,260 shares of the basic materials company’s stock valued at $27,264,000 after buying an additional 4,048,983 shares during the last quarter. Russell Investments Group Ltd. boosted its position in New Gold by 32.0% in the fourth quarter. Russell Investments Group Ltd. now owns 26,428,112 shares of the basic materials company’s stock valued at $23,261,000 after buying an additional 6,401,300 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in New Gold by 5.0% in the fourth quarter. Renaissance Technologies LLC now owns 23,058,954 shares of the basic materials company’s stock valued at $20,307,000 after buying an additional 1,101,772 shares during the last quarter. Institutional investors and hedge funds own 51.53% of the company’s stock.

New Gold Company Profile

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.

See Also: Beige Book

Get a free copy of the Zacks research report on New Gold (NGD)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for New Gold (NYSEAMERICAN:NGD)

Receive News & Ratings for New Gold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Gold and related companies with MarketBeat.com's FREE daily email newsletter.