Zacks Investment Research upgraded shares of New Gold Inc. (NYSE:NGD) from a sell rating to a hold rating in a research note released on Thursday morning.

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. “

NGD has been the subject of a number of other research reports. Royal Bank Of Canada set a $4.00 price objective on New Gold and gave the company a hold rating in a research note on Tuesday, July 18th. Scotiabank reissued a sector perform rating and issued a $3.00 price objective on shares of New Gold in a research note on Wednesday, April 26th. TD Securities reissued a buy rating and issued a $5.00 price objective on shares of New Gold in a research note on Friday, April 28th. Raymond James Financial, Inc. reissued a market perform rating and issued a $3.50 price objective on shares of New Gold in a research note on Thursday, June 15th. Finally, National Bank Financial raised New Gold from a sector perform rating to an outperform rating in a research note on Monday, July 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $3.79.

New Gold (NYSE NGD) opened at 3.23 on Thursday. The firm has a market cap of $1.86 billion and a P/E ratio of 33.30. New Gold has a 52-week low of $2.39 and a 52-week high of $6.04. The firm’s 50-day moving average price is $3.03 and its 200-day moving average price is $3.08.

New Gold (NYSE:NGD) last announced its quarterly earnings data on Wednesday, July 26th. The company reported $0.02 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.02. New Gold had a return on equity of 6.89% and a net margin of 22.12%. The firm had revenue of $185.60 million during the quarter, compared to analysts’ expectations of $181.17 million. During the same quarter last year, the firm posted ($0.02) earnings per share. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. Equities research analysts expect that New Gold will post $0.08 EPS for the current year.

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A number of large investors have recently made changes to their positions in NGD. Van ECK Associates Corp increased its position in shares of New Gold by 15.0% in the first quarter. Van ECK Associates Corp now owns 46,313,044 shares of the company’s stock valued at $138,013,000 after buying an additional 6,032,337 shares during the period. Comerica Bank increased its position in shares of New Gold by 8.5% in the fourth quarter. Comerica Bank now owns 59,815 shares of the company’s stock valued at $243,000 after buying an additional 4,707 shares during the period. Norges Bank purchased a new position in shares of New Gold during the fourth quarter valued at $11,605,000. Profund Advisors LLC increased its position in shares of New Gold by 10.9% in the first quarter. Profund Advisors LLC now owns 99,309 shares of the company’s stock valued at $296,000 after buying an additional 9,739 shares during the period. Finally, Balter Liquid Alternatives LLC purchased a new position in shares of New Gold during the first quarter valued at $346,000.

About New Gold

New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.

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Analyst Recommendations for New Gold (NYSE:NGD)

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