New Gold Inc. (NYSEMKT:NGD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $4.25 price objective on the stock. Zacks Investment Research’s price target indicates a potential upside of 10.39% from the company’s previous close.

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 firms have also recently issued reports on NGD. Royal Bank Of Canada restated a “sector perform” rating on shares of New Gold in a research report on Wednesday, June 29th. Canaccord Genuity upgraded shares of New Gold from a “hold” rating to a “buy” rating and raised their price objective for the stock from $6.25 to $7.75 in a research report on Tuesday, July 12th. National Bank Financial restated a “sector perform” rating and set a $8.10 price objective (up from $7.00) on shares of New Gold in a research report on Thursday, August 4th. Desjardins cut shares of New Gold from a “buy” rating to a “hold” rating in a research report on Wednesday, September 7th. Finally, Bank of America Corp. set a $5.60 price objective on shares of New Gold and gave the stock a “hold” rating in a research report on Sunday, September 11th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. New Gold has a consensus rating of “Hold” and a consensus price target of $5.62.

Analyst Recommendations for New Gold (NYSEMKT:NGD)

Shares of New Gold (NYSEMKT:NGD) opened at 3.85 on Wednesday. The company’s market cap is $1.97 billion. New Gold has a 12-month low of $1.76 and a 12-month high of $6.04. The stock has a 50 day moving average of $4.65 and a 200 day moving average of $4.55.

New Gold (NYSEMKT:NGD) last issued its earnings results on Wednesday, July 27th. The company reported $0.03 EPS for the quarter. The business earned $180.30 million during the quarter, compared to analyst estimates of $163.44 million. New Gold’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the company earned $0.02 earnings per share. Analysts forecast that New Gold will post $0.08 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC raised its position in shares of New Gold by 7.5% in the second quarter. FMR LLC now owns 12,692,459 shares of the company’s stock valued at $55,507,000 after buying an additional 884,700 shares during the period. Vanguard Group Inc. raised its position in New Gold by 14.0% in the second quarter. Vanguard Group Inc. now owns 8,740,825 shares of the company’s stock valued at $38,285,000 after buying an additional 1,074,075 shares during the last quarter. Ingalls & Snyder LLC acquired a new position in New Gold during the second quarter valued at approximately $36,725,000. TD Asset Management Inc. raised its position in New Gold by 126.3% in the second quarter. TD Asset Management Inc. now owns 7,684,806 shares of the company’s stock valued at $33,432,000 after buying an additional 4,289,674 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in New Gold by 50.5% in the first quarter. Renaissance Technologies LLC now owns 5,705,800 shares of the company’s stock valued at $21,283,000 after buying an additional 1,914,000 shares during the last quarter.

New Gold Company Profile

New Gold Inc is a Canada-based intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. The Company has operating mines in Canada, the United States, Australia and Mexico and development projects in Canada. The Company’s segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other.

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