New Gold (NYSE:NGD) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of New Gold (NYSE:NGD) from a hold rating to a buy rating in a report released on Wednesday morning.

NGD has been the topic of several other reports. Scotiabank increased their target price on New Gold from $1.65 to $2.00 and gave the stock a sector perform rating in a research report on Monday, April 8th. National Bank Financial reiterated a sector perform spec overwgt rating on shares of New Gold in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $1.64.

New Gold Trading Up 8.6 %

NYSE NGD opened at $1.89 on Wednesday. New Gold has a twelve month low of $0.86 and a twelve month high of $1.95.

New Gold (NYSE:NGD) last released its earnings results on Tuesday, February 13th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03). The company had revenue of $199.20 million during the quarter.

Hedge Funds Weigh In On New Gold

Large investors have recently modified their holdings of the company. Moloney Securities Asset Management LLC purchased a new position in shares of New Gold in the 1st quarter worth about $42,000. First Citizens Bank & Trust Co. acquired a new stake in shares of New Gold in the third quarter valued at about $61,000. Independent Family Office LLC acquired a new stake in shares of New Gold in the fourth quarter valued at about $123,000. Baader Bank Aktiengesellschaft grew its stake in shares of New Gold by 812.7% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 91,267 shares of the company’s stock valued at $132,000 after buying an additional 81,267 shares in the last quarter. Finally, Ingalls & Snyder LLC grew its stake in shares of New Gold by 116.6% in the fourth quarter. Ingalls & Snyder LLC now owns 123,842 shares of the company’s stock valued at $181,000 after buying an additional 66,667 shares in the last quarter.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.