NovaGold Resources (TSE:NG) Shares Down 1.7% – Here’s Why

NovaGold Resources Inc. (TSE:NG) fell 1.7% during trading on Wednesday . The company traded as low as C$13.38 and last traded at C$13.60. 150,782 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 528,447 shares. The stock had previously closed at C$13.84.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NG. BMO Capital Markets upgraded NovaGold Resources to a “strong-buy” rating in a research report on Tuesday, November 4th. National Bankshares upgraded NovaGold Resources from a “sector perform” rating to an “outperform” rating and set a C$15.00 target price on the stock in a report on Thursday, October 30th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of C$15.00.

NovaGold Resources Stock Down 1.7%

The firm has a 50 day moving average of C$12.70 and a 200 day moving average of C$10.03. The firm has a market cap of C$5.53 billion, a price-to-earnings ratio of -54.40 and a beta of 1.82.

NovaGold Resources (TSE:NG) last issued its quarterly earnings results on Wednesday, October 1st. The company reported C($0.04) earnings per share (EPS) for the quarter.

NovaGold Resources Company Profile

Novagold Resources Inc is a mineral exploration company engaged in the exploration and development of mineral properties. The company owns 50% of the Donlin Gold project, which is located in southwestern Alaska, approximately 20 kilometers north of the village of Crooked Creek on the Kuskokwim River.