New Gold Inc. (NYSE:NGD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.

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. “

Several other brokerages have also recently commented on NGD. Scotiabank upgraded New Gold from an “underperform” rating to a “sector perform” rating in a report on Thursday. GMP Securities cut New Gold from a “buy” rating to a “hold” rating and set a $4.80 target price on the stock. in a report on Tuesday, January 31st. They noted that the move was a valuation call. Credit Suisse Group cut New Gold from a “neutral” rating to an “underperform” rating in a report on Tuesday, January 31st. Finally, RBC Capital Markets reiterated a “hold” rating on shares of New Gold in a report on Thursday, February 2nd. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. New Gold currently has a consensus rating of “Hold” and an average price target of $4.80.

This article was originally published by and is the sole property of American Banking News. If you happen to be reading this article on another website, it was stolen and illegally republished in violation of U.S. and International copyright law. The original version of this story can be read at https://www.americanbankingnews.com/2017/02/17/new-gold-inc-ngd-upgraded-to-hold-by-zacks-investment-research.html

New Gold (NYSE:NGD) opened at 3.17 on Friday. New Gold has a 52 week low of $2.39 and a 52 week high of $6.04. The stock’s 50 day moving average is $3.54 and its 200 day moving average is $4.16. The company has a market capitalization of $1.63 billion and a PE ratio of 158.50.

This piece of content was first published by American Banking News and is the sole property of of American Banking News. If you are accessing this piece of content on another website, it was copied illegally and republished in violation of U.S. and international copyright and trademark laws. The legal version of this piece of content can be read at https://www.americanbankingnews.com/2017/02/17/new-gold-inc-ngd-upgraded-to-hold-by-zacks-investment-research.html.

Hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp boosted its stake in shares of New Gold by 1.4% in the fourth quarter. Van ECK Associates Corp now owns 40,280,707 shares of the company’s stock valued at $140,985,000 after buying an additional 556,731 shares during the last quarter. FMR LLC boosted its stake in shares of New Gold by 2.4% in the fourth quarter. FMR LLC now owns 14,990,759 shares of the company’s stock valued at $52,587,000 after buying an additional 348,600 shares during the last quarter. Old West Investment Management LLC boosted its stake in shares of New Gold by 92.2% in the fourth quarter. Old West Investment Management LLC now owns 3,999,675 shares of the company’s stock valued at $13,998,000 after buying an additional 1,918,612 shares during the last quarter. Credit Agricole S A boosted its stake in shares of New Gold by 21.5% in the fourth quarter. Credit Agricole S A now owns 3,433,381 shares of the company’s stock valued at $12,017,000 after buying an additional 606,580 shares during the last quarter. Finally, Investec Asset Management LTD boosted its stake in shares of New Gold by 9.0% in the fourth quarter. Investec Asset Management LTD now owns 1,557,997 shares of the company’s stock valued at $5,472,000 after buying an additional 128,983 shares during the last quarter.

About New Gold

New Gold Inc is a Canada-based intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. The Company has operating mines in Canada, the United States, Australia and Mexico and development projects in Canada. The Company’s segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other.

5 Day Chart for NYSE:NGD

Get a free copy of the Zacks research report on New Gold (NGD)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for New Gold Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Gold Inc. and related companies with MarketBeat.com's FREE daily email newsletter.