New Gold (NYSEAMERICAN:NGD) Raised to “Hold” at Zacks Investment Research

New Gold (NYSEAMERICAN:NGD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday, 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. “

Other equities analysts have also issued reports about the company. National Bank Financial boosted their target price on New Gold from C$2.25 to C$2.50 and gave the stock a “sector perform” rating in a research report on Monday. Cormark restated a “hold” rating on shares of New Gold in a research report on Friday, September 17th. TD Securities boosted their target price on New Gold from $1.50 to $1.75 and gave the stock a “hold” rating in a research report on Monday, November 15th. Canaccord Genuity boosted their target price on New Gold from C$2.00 to C$2.50 and gave the stock a “buy” rating in a research report on Monday, November 15th. Finally, BMO Capital Markets decreased their target price on New Gold from C$3.50 to C$3.25 and set an “outperform” rating for the company in a research report on Tuesday, September 14th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, New Gold has an average rating of “Hold” and an average target price of $2.21.

Shares of NGD stock opened at $1.49 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.24 and a quick ratio of 1.70. The stock has a market capitalization of $1.01 billion, a P/E ratio of -149.00, a PEG ratio of 2.43 and a beta of 2.00. New Gold has a 12 month low of $1.01 and a 12 month high of $2.40.

New Gold (NYSEAMERICAN:NGD) last announced its quarterly earnings data on Friday, November 12th. The basic materials company reported $0.03 EPS for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.01. New Gold had a positive return on equity of 8.10% and a negative net margin of 0.82%. Equities analysts anticipate that New Gold will post 0.13 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. lifted its stake in New Gold by 53.8% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 25,239 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 8,824 shares in the last quarter. Profund Advisors LLC lifted its stake in New Gold by 18.2% in the 2nd quarter. Profund Advisors LLC now owns 66,195 shares of the basic materials company’s stock valued at $120,000 after acquiring an additional 10,190 shares in the last quarter. Jane Street Group LLC lifted its stake in New Gold by 5.7% in the 1st quarter. Jane Street Group LLC now owns 270,037 shares of the basic materials company’s stock valued at $416,000 after acquiring an additional 14,614 shares in the last quarter. Linscomb & Williams Inc. lifted its stake in New Gold by 63.5% in the 3rd quarter. Linscomb & Williams Inc. now owns 41,200 shares of the basic materials company’s stock valued at $44,000 after acquiring an additional 16,000 shares in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its stake in New Gold by 53.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 51,654 shares of the basic materials company’s stock valued at $93,000 after acquiring an additional 17,926 shares in the last quarter. Institutional investors and hedge funds own 31.55% of the company’s stock.

New Gold Company Profile

New Gold Inc is a gold mining company, which is engaged in the operation, development and exploration of mineral properties. Its portfolio includes Rainy RIver, New Afton, and Cerro San Pedro. The company was founded on January 31, 1980 and is headquartered in Toronto, Canada.

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