New Gold (NGD) Upgraded to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of New Gold (NYSEAMERICAN:NGD) from a hold rating to a buy rating in a report published on Friday. They currently have $1.25 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 research analysts have also weighed in on the stock. Royal Bank of Canada raised their price objective on shares of New Gold from $1.00 to $1.25 and gave the stock an underperform rating in a report on Thursday. TD Securities raised their price objective on shares of New Gold from $1.05 to $1.15 and gave the stock a hold rating in a report on Thursday. CIBC reissued a hold rating on shares of New Gold in a report on Sunday, December 16th. Raymond James set a $1.25 price objective on shares of New Gold and gave the stock a market perform rating in a report on Friday, October 26th. Finally, BMO Capital Markets reissued a hold rating on shares of New Gold in a report on Thursday, November 1st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $1.75.

New Gold stock traded down $0.02 during midday trading on Friday, hitting $1.09. 2,861,736 shares of the stock were exchanged, compared to its average volume of 4,908,825. New Gold has a 1 year low of $0.69 and a 1 year high of $3.45.

New Gold (NYSEAMERICAN:NGD) last released its quarterly earnings results on Wednesday, October 24th. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. The firm had revenue of $147.10 million for the quarter, compared to analysts’ expectations of $189.47 million.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc boosted its holdings in shares of New Gold by 3.3% in the 3rd quarter. Vanguard Group Inc now owns 13,817,177 shares of the basic materials company’s stock valued at $10,961,000 after buying an additional 446,047 shares during the period. Vanguard Group Inc. boosted its holdings in shares of New Gold by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 13,817,177 shares of the basic materials company’s stock valued at $10,961,000 after buying an additional 446,047 shares during the period. Mackenzie Financial Corp acquired a new position in shares of New Gold in the 3rd quarter valued at about $103,000. BlueMountain Capital Management LLC boosted its holdings in shares of New Gold by 209.1% in the 3rd quarter. BlueMountain Capital Management LLC now owns 3,824,559 shares of the basic materials company’s stock valued at $3,019,000 after buying an additional 2,587,141 shares during the period. Finally, Jane Street Group LLC boosted its holdings in shares of New Gold by 504.8% in the 3rd quarter. Jane Street Group LLC now owns 858,478 shares of the basic materials company’s stock valued at $681,000 after buying an additional 716,527 shares during the period. 51.53% of the stock is owned by institutional investors and hedge funds.

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 New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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