New Gold Inc. (NYSEMKT:NGD) was upgraded by Desjardins from a “hold” rating to a “buy” rating in a report released on Friday.

NGD has been the subject of a number of other reports. Zacks Investment Research upgraded New Gold from a “hold” rating to a “buy” rating and set a $5.50 target price for the company in a research report on Saturday, July 9th. Canaccord Genuity downgraded New Gold from a “buy” rating to a “hold” rating in a research report on Wednesday, September 7th. National Bank Financial reiterated a “sector perform” rating and set a $8.10 target price (up from $7.00) on shares of New Gold in a research report on Thursday, August 4th. RBC Capital Markets reiterated a “sector perform” rating and set a $7.00 target price (down from $7.60) on shares of New Gold in a research report on Wednesday, September 14th. Finally, Dundee Securities downgraded New Gold from a “neutral” rating to a “sell” rating in a research report on Wednesday, May 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $5.70.

Shares of New Gold (NYSEMKT:NGD) opened at 4.55 on Friday. The company has a 50-day moving average price of $5.27 and a 200-day moving average price of $4.49. The stock’s market cap is $2.33 billion. New Gold has a 52 week low of $1.76 and a 52 week high of $6.04.

New Gold (NYSEMKT:NGD) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.03 earnings per share for the quarter. The business earned $180.30 million during the quarter, compared to the consensus estimate of $163.44 million. During the same quarter in the previous year, the company earned $0.02 earnings per share. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities analysts anticipate that New Gold will post $0.08 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the company. Lincluden Management Ltd. raised its position in shares of New Gold by 4.7% in the second quarter. Lincluden Management Ltd. now owns 14,840 shares of the company’s stock valued at $107,000 after buying an additional 665 shares in the last quarter. Numeric Investors LLC purchased a new position in shares of New Gold during the second quarter valued at approximately $108,000. Mackenzie Financial Corp purchased a new position in shares of New Gold during the second quarter valued at approximately $133,000. Advisor Group Inc. purchased a new position in shares of New Gold during the second quarter valued at approximately $135,000. Finally, Scotia Capital Inc. raised its position in shares of New Gold by 48.1% in the second quarter. Scotia Capital Inc. now owns 31,716 shares of the company’s stock valued at $138,000 after buying an additional 10,302 shares in the last quarter.

About New Gold

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 & 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 companies with Analyst Ratings Network's FREE daily email newsletter.