Novagold Resources (NYSEAMERICAN:NG) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank assumed coverage on shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) in a report released on Friday, Marketbeat Ratings reports. The brokerage issued a sector outperform rating on the mining company’s stock.

Several other research firms also recently commented on NG. BMO Capital Markets initiated coverage on Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating for the company. Citigroup raised their price objective on shares of Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a report on Wednesday, October 15th. National Bank Financial upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. Zacks Research cut shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Finally, B. Riley Financial raised their price target on shares of Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.83.

Novagold Resources Stock Up 10.7%

NG stock opened at $9.19 on Friday. The stock has a market capitalization of $3.74 billion, a P/E ratio of -36.76 and a beta of 0.82. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02. Novagold Resources has a 12 month low of $2.26 and a 12 month high of $12.09. The firm has a 50-day moving average price of $9.85 and a 200-day moving average price of $8.44.

Insider Buying and Selling

In other news, Director Dawn Patricia Whittaker purchased 4,000 shares of Novagold Resources stock in a transaction dated Wednesday, February 4th. The stock was purchased at an average cost of $9.36 per share, for a total transaction of $37,440.00. Following the transaction, the director directly owned 4,000 shares of the company’s stock, valued at approximately $37,440. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.39% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Novagold Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC purchased a new stake in shares of Novagold Resources during the 1st quarter valued at $44,000. AQR Capital Management LLC increased its stake in Novagold Resources by 103.9% in the first quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock valued at $128,000 after acquiring an additional 22,289 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Novagold Resources by 1.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock valued at $846,000 after purchasing an additional 4,896 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Novagold Resources during the first quarter worth about $157,000. Finally, Goldman Sachs Group Inc. lifted its stake in Novagold Resources by 13.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock worth $5,159,000 after purchasing an additional 210,631 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Novagold Resources Company Profile

Novagold Resources Inc is a mineral exploration and development company headquartered in Vancouver, British Columbia. The firm is focused on advancing large-scale precious metals projects through disciplined project management, environmental stewardship and community engagement. Novagold maintains a lean corporate structure while leveraging partnerships and industry expertise to advance its projects toward production.

The company’s flagship asset is the Donlin Gold project in Alaska, a 50/50 joint venture with Barrick Gold Corporation.