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

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has been assigned an average recommendation of “Moderate Buy” from the eight ratings firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $13.1250.

A number of research firms recently weighed in on NG. Royal Bank Of Canada dropped their price target on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, March 19th. Scotiabank started coverage on shares of Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating on the stock. B. Riley Financial increased their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Canaccord Genuity Group assumed coverage on shares of Novagold Resources in a research note on Friday, March 27th. They set a “speculative buy” rating and a $13.00 target price for the company. Finally, Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday.

Insider Activity

In other news, Director Dawn Patricia Whittaker bought 4,000 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The shares were bought at an average price of $9.36 per share, with a total value of $37,440.00. Following the completion of the transaction, the director owned 4,000 shares of the company’s stock, valued at $37,440. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.88% of the stock is currently owned by corporate insiders.

Institutional Trading of Novagold Resources

Several institutional investors have recently added to or reduced their stakes in NG. Torren Management LLC acquired a new position in Novagold Resources in the 4th quarter valued at $27,000. Leonteq Securities AG acquired a new stake in shares of Novagold Resources during the fourth quarter worth $38,000. Hantz Financial Services Inc. bought a new stake in shares of Novagold Resources in the third quarter valued at about $40,000. Kestra Advisory Services LLC bought a new stake in shares of Novagold Resources in the fourth quarter valued at about $47,000. Finally, TD Waterhouse Canada Inc. grew its stake in shares of Novagold Resources by 307.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock valued at $49,000 after acquiring an additional 4,000 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors.

Novagold Resources Price Performance

NYSEAMERICAN:NG opened at $9.06 on Friday. Novagold Resources has a 12-month low of $2.26 and a 12-month high of $14.40. The firm has a market capitalization of $3.97 billion, a price-to-earnings ratio of -34.85 and a beta of 0.90. The stock’s 50 day moving average price is $10.32 and its two-hundred day moving average price is $9.60. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02.

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.