New Gold (NYSE:NGD) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of New Gold (NYSE:NGD - Free Report) from a hold rating to a buy rating in a report issued on Friday.

NGD has been the subject of a number of other reports. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research note on Wednesday, April 2nd. Scotiabank restated an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and boosted their price target for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th. National Bank Financial upgraded shares of New Gold to a "strong-buy" rating in a research note on Friday, March 21st. Finally, Raymond James set a $4.00 target price on New Gold and gave the company a "market perform" rating in a report on Friday, April 4th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, New Gold has an average rating of "Buy" and an average price target of $4.04.

New Gold Stock Down 3.2%

Shares of NGD traded down $0.13 during midday trading on Friday, reaching $3.76. 12,837,125 shares of the stock were exchanged, compared to its average volume of 12,957,428. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $2.97 billion, a P/E ratio of 28.89 and a beta of 0.54. New Gold has a 52 week low of $1.74 and a 52 week high of $4.21. The company's 50 day moving average is $3.48 and its two-hundred day moving average is $3.02.

Hedge Funds Weigh In On New Gold

Large investors have recently bought and sold shares of the stock. Hsbc Holdings PLC grew its stake in New Gold by 17.8% in the 1st quarter. Hsbc Holdings PLC now owns 25,176 shares of the company's stock valued at $93,000 after buying an additional 3,808 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in New Gold by 0.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company's stock valued at $3,669,000 after buying an additional 4,500 shares during the last quarter. Oxbow Advisors LLC lifted its holdings in shares of New Gold by 1.7% during the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company's stock valued at $687,000 after purchasing an additional 4,624 shares in the last quarter. Bank of New York Mellon Corp increased its position in New Gold by 11.9% during the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company's stock valued at $125,000 after acquiring an additional 5,331 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in New Gold by 0.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company's stock valued at $2,258,000 after acquiring an additional 7,367 shares during the last quarter. 42.82% of the stock is currently owned by institutional investors.

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.