Novagold Resources Inc. (NYSEAMERICAN:NG) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) have been given a consensus recommendation of “Moderate Buy” by the seven research firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation and six have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $10.8333.

Several equities analysts have issued reports on the company. Scotiabank initiated coverage on Novagold Resources in a research note on Friday, February 6th. They issued a “sector outperform” rating on the stock. B. Riley Financial raised their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Finally, Zacks Research downgraded shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th.

Insider Buying and Selling

In related news, Director Dawn Patricia Whittaker purchased 4,000 shares of the firm’s stock in a transaction on Wednesday, February 4th. The stock was purchased at an average cost of $9.36 per share, with a total value of $37,440.00. Following the completion of the purchase, the director owned 4,000 shares in the company, valued at approximately $37,440. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.39% of the company’s stock.

Hedge Funds Weigh In On Novagold Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Electrum Group LLC acquired a new position in Novagold Resources during the 4th quarter valued at about $865,854,000. Lingotto Investment Management LLP lifted its holdings in shares of Novagold Resources by 60.7% in the second quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock valued at $142,753,000 after purchasing an additional 13,180,065 shares in the last quarter. Kopernik Global Investors LLC lifted its holdings in shares of Novagold Resources by 2.8% in the second quarter. Kopernik Global Investors LLC now owns 19,115,209 shares of the mining company’s stock valued at $78,181,000 after purchasing an additional 523,479 shares in the last quarter. Capital World Investors boosted its position in shares of Novagold Resources by 12.8% during the third quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock valued at $155,461,000 after buying an additional 2,000,000 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Novagold Resources by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 14,760,990 shares of the mining company’s stock valued at $137,647,000 after buying an additional 173,474 shares during the last quarter. Institutional investors own 57.56% of the company’s stock.

Novagold Resources Stock Down 0.2%

Shares of Novagold Resources stock opened at $12.07 on Monday. Novagold Resources has a one year low of $2.26 and a one year high of $14.40. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79. The stock’s 50-day moving average is $10.54 and its 200 day moving average is $9.27. The firm has a market cap of $5.29 billion, a price-to-earnings ratio of -48.28 and a beta of 0.74.

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.