Zacks Investment Research upgraded shares of New Gold (NYSEAMERICAN:NGD) from a hold rating to a buy rating in a research note published on Tuesday morning, Zacks.com reports. They currently have $1.00 target price on the basic materials company’s stock.
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 research analysts also recently issued research reports about the company. CIBC reiterated a buy rating and set a $57.50 price target on shares of Agnico Eagle Mines in a report on Friday, April 5th. Canaccord Genuity set a $22.00 price target on Hibbett Sports and gave the stock a hold rating in a report on Monday, March 25th. Raymond James set a $33.00 price target on LKQ and gave the stock a buy rating in a report on Friday, April 26th. JPMorgan Chase & Co. raised China Life Insurance from a neutral rating to an overweight rating in a research report on Thursday, May 30th. They noted that the move was a valuation call. Finally, Credit Suisse Group began coverage on New Gold in a research report on Tuesday, April 16th. They issued a neutral rating and a $1.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The company presently has an average rating of Hold and an average price target of $1.00.
NYSEAMERICAN NGD opened at $1.10 on Tuesday. New Gold has a 52 week low of $0.61 and a 52 week high of $2.11.
A number of institutional investors and hedge funds have recently modified their holdings of NGD. Mirae Asset Global Investments Co. Ltd. bought a new position in New Gold in the 4th quarter worth about $492,000. CIBC Asset Management Inc increased its stake in New Gold by 0.9% in the 4th quarter. CIBC Asset Management Inc now owns 1,213,009 shares of the basic materials company’s stock worth $933,000 after acquiring an additional 10,445 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in New Gold by 517.4% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,324,416 shares of the basic materials company’s stock worth $1,018,000 after acquiring an additional 1,109,888 shares during the last quarter. Two Sigma Investments LP increased its stake in New Gold by 59.5% in the 4th quarter. Two Sigma Investments LP now owns 1,525,240 shares of the basic materials company’s stock worth $1,154,000 after acquiring an additional 568,788 shares during the last quarter. Finally, Two Sigma Advisers LP increased its stake in New Gold by 194.9% in the 4th quarter. Two Sigma Advisers LP now owns 446,352 shares of the basic materials company’s stock worth $338,000 after acquiring an additional 295,000 shares during the last quarter. 51.53% of the stock is currently owned by institutional investors and hedge funds.
New Gold Company Profile
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.
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