NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage presently has a $4.25 target price on the mining company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 2.41% from the company’s current price.
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. “
Several other brokerages also recently issued reports on NG. BidaskClub upgraded shares of NovaGold Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, November 15th. B. Riley began coverage on shares of NovaGold Resources in a research note on Tuesday, December 19th. They issued a “buy” rating and a $7.00 target price on the stock.
In related news, VP David Deisley sold 16,642 shares of the stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $3.86, for a total transaction of $64,238.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Nieuwenhuyse Rick Van sold 150,000 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 183,310 shares of company stock worth $719,246.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. raised its position in NovaGold Resources by 1.3% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 22,705 shares of the mining company’s stock worth $104,000 after acquiring an additional 300 shares during the period. BlueCrest Capital Management Ltd bought a new position in NovaGold Resources in the second quarter worth approximately $168,000. Virtu KCG Holdings LLC raised its position in NovaGold Resources by 82.6% in the second quarter. Virtu KCG Holdings LLC now owns 38,577 shares of the mining company’s stock worth $176,000 after acquiring an additional 17,451 shares during the period. Bank of Nova Scotia bought a new position in NovaGold Resources in the second quarter worth approximately $296,000. Finally, Cubist Systematic Strategies LLC raised its position in NovaGold Resources by 365.9% in the second quarter. Cubist Systematic Strategies LLC now owns 69,351 shares of the mining company’s stock worth $316,000 after acquiring an additional 54,467 shares during the period.
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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