Zacks Investment Research Downgrades New Gold (NGD) to Hold

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

A number of other equities analysts have also recently issued reports on NGD. Royal Bank of Canada increased their target price on New Gold from $1.00 to $1.25 and gave the stock an “underperform” rating in a report on Thursday, January 10th. TD Securities increased their target price on New Gold from $1.05 to $1.15 and gave the stock a “hold” rating in a report on Thursday, January 10th. JPMorgan Chase & Co. raised New Gold from an “underweight” rating to a “neutral” rating in a report on Tuesday, January 8th. CIBC reissued a “hold” rating on shares of New Gold in a report on Sunday, January 20th. Finally, GMP Securities reissued a “neutral” rating and issued a $1.15 target price on shares of New Gold in a report on Friday, February 22nd. Three equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $1.43.

NYSEAMERICAN NGD opened at $0.89 on Tuesday. New Gold has a twelve month low of $0.69 and a twelve month high of $2.53.

New Gold (NYSEAMERICAN:NGD) last posted its quarterly earnings results on Thursday, February 14th. The basic materials company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.05. The firm had revenue of $157.40 million during the quarter, compared to analyst estimates of $176.79 million.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signition LP bought a new stake in New Gold during the 4th quarter worth approximately $66,000. Mackenzie Financial Corp bought a new position in New Gold in the 3rd quarter valued at $103,000. Clean Yield Group boosted its position in New Gold by 166.7% in the 4th quarter. Clean Yield Group now owns 160,000 shares of the basic materials company’s stock valued at $121,000 after buying an additional 100,000 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its position in New Gold by 163.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 191,714 shares of the basic materials company’s stock valued at $148,000 after buying an additional 118,963 shares during the last quarter. Finally, Norges Bank bought a new position in New Gold in the 4th quarter valued at $312,000. Institutional investors and hedge funds own 51.53% of the company’s stock.

About New Gold

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

See Also: Sell-Side Analysts

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Analyst Recommendations for New Gold (NYSEAMERICAN:NGD)

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