New Gold (NYSE:NGD) Upgraded at Zacks Research

New Gold (NYSE:NGD) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

NGD has been the subject of several other research reports. Raymond James Financial reiterated a “market perform” rating and issued a $7.00 target price on shares of New Gold in a report on Friday, October 10th. CIBC increased their price objective on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research note on Friday, October 10th. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Monday, December 1st. Scotiabank upped their target price on New Gold to $12.75 and gave the company an “outperform” rating in a report on Monday. Finally, National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $8.18.

New Gold Stock Down 0.1%

Shares of NYSE:NGD opened at $12.57 on Tuesday. The business’s 50 day moving average is $9.19 and its 200 day moving average is $7.18. New Gold has a 12-month low of $2.60 and a 12-month high of $13.63. The stock has a market cap of $9.95 billion, a price-to-earnings ratio of 96.70 and a beta of 0.62. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Employees Retirement System of Texas bought a new stake in New Gold in the 2nd quarter valued at about $32,000. Aventura Private Wealth LLC purchased a new position in shares of New Gold in the fourth quarter worth about $34,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of New Gold in the third quarter worth about $41,000. MAI Capital Management bought a new stake in shares of New Gold in the third quarter valued at approximately $43,000. Finally, SBI Securities Co. Ltd. raised its position in shares of New Gold by 1,837.7% in the second quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock valued at $44,000 after purchasing an additional 8,472 shares during the period. Institutional investors own 42.82% of the company’s stock.

New Gold Company Profile

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.