New Gold (NYSE:NGD) Upgraded to Buy by StockNews.com

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

Several other research firms have also commented on NGD. Scotiabank increased their price target on shares of New Gold from $1.65 to $2.00 and gave the company a sector perform rating in a research report on Monday, April 8th. National Bank Financial reissued a sector perform spec overwgt rating on shares of New Gold in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $1.64.

New Gold Trading Up 8.6 %

Shares of New Gold stock opened at $1.89 on Wednesday. New Gold has a 1 year low of $0.86 and a 1 year high of $1.95.

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

Hedge Funds Weigh In On New Gold

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Moloney Securities Asset Management LLC purchased a new position in shares of New Gold in the 1st quarter valued at approximately $42,000. HC Advisors LLC raised its position in shares of New Gold by 13.4% in the 4th quarter. HC Advisors LLC now owns 214,559 shares of the company’s stock valued at $313,000 after purchasing an additional 25,300 shares during the last quarter. American Century Companies Inc. raised its position in shares of New Gold by 1.0% in the 3rd quarter. American Century Companies Inc. now owns 5,095,417 shares of the company’s stock valued at $4,669,000 after purchasing an additional 48,886 shares during the last quarter. Ingalls & Snyder LLC raised its position in shares of New Gold by 116.6% in the 4th quarter. Ingalls & Snyder LLC now owns 123,842 shares of the company’s stock valued at $181,000 after purchasing an additional 66,667 shares during the last quarter. Finally, First Citizens Bank & Trust Co. purchased a new position in shares of New Gold in the 3rd quarter valued at approximately $61,000.

About New Gold

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.