NovaGold Resources Inc. (NG) Upgraded to Hold at Zacks Investment Research
NovaGold Resources Inc. (NYSEMKT:NG) (TSE:NG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “NovaGold Resources is a gold and copper company engaged in the exploration and development of mineral properties in Alaska and Western Canada. The Company is rapidly moving to production at its hundred percent owned Nome Operations in Alaska, which includes Rock Creek, Big Hurrah and Nome Gold. NovaGold recently announced its partnership with Teck Cominco to build the Galore Creek copper-gold mine in northwestern British Columbia, with NovaGold and Teck Cominco each owning 50% of the project once Teck Cominco has completed its partnership requirements. “
Separately, BidaskClub raised NovaGold Resources from a “sell” rating to a “hold” rating in a report on Saturday, August 26th.
Shares of NovaGold Resources (NG) traded down 1.30% during trading on Thursday, hitting $4.54. 1,499,375 shares of the company traded hands. The stock’s market capitalization is $1.46 billion. The company has a 50-day moving average of $4.30 and a 200-day moving average of $4.51. NovaGold Resources has a 52-week low of $3.78 and a 52-week high of $6.21.
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In other news, Director Gillyeard J. Leathley sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $5.65, for a total transaction of $39,550.00. Following the completion of the sale, the director now owns 84,940 shares in the company, valued at $479,911. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP David Deisley sold 43,801 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $4.28, for a total value of $187,468.28. Following the sale, the vice president now owns 913,521 shares of the company’s stock, valued at approximately $3,909,869.88. The disclosure for this sale can be found here. Insiders sold 109,154 shares of company stock valued at $494,124 over the last three months.
Several institutional investors have recently added to or reduced their stakes in NG. Bank of Montreal Can raised its stake in shares of NovaGold Resources by 5.2% during the first quarter. Bank of Montreal Can now owns 449,485 shares of the mining company’s stock worth $2,189,000 after purchasing an additional 22,026 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of NovaGold Resources by 2.3% during the first quarter. Russell Investments Group Ltd. now owns 813,664 shares of the mining company’s stock worth $3,963,000 after purchasing an additional 18,068 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of NovaGold Resources by 9.6% during the first quarter. Wells Fargo & Company MN now owns 1,980,886 shares of the mining company’s stock worth $9,647,000 after purchasing an additional 172,821 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of NovaGold Resources by 26.1% during the first quarter. UBS Asset Management Americas Inc. now owns 87,390 shares of the mining company’s stock worth $423,000 after purchasing an additional 18,100 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new stake in shares of NovaGold Resources during the first quarter worth approximately $266,000.
NovaGold Resources Company Profile
Novagold Resources Inc is a mineral exploration company. The Company is engaged in the exploration and development of mineral properties. The Company’s segments include the Donlin Gold project in Alaska, the United States and the Galore Creek project in British Columbia, Canada. The Company operates in the gold mining industry, primarily focused on advancing permitting of the Donlin Gold project in Alaska.
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