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

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has been assigned an average rating of “Buy” from the nine brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $13.26.

A number of analysts recently commented on the company. Zacks Research upgraded Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Canaccord Genuity Group assumed coverage on Novagold Resources in a research report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price objective for the company. Scotiabank upgraded Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada reduced their price objective on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, March 19th. Finally, Morgan Stanley assumed coverage on Novagold Resources in a research report on Thursday, April 9th. They set an “overweight” rating and a $13.80 price objective for the company.

Novagold Resources Trading Up 2.6%

Shares of NYSEAMERICAN:NG opened at $8.33 on Wednesday. The company has a market cap of $3.66 billion, a P/E ratio of -32.04 and a beta of 0.77. The company has a debt-to-equity ratio of 0.38, a current ratio of 88.72 and a quick ratio of 88.72. Novagold Resources has a 1 year low of $3.61 and a 1 year high of $14.40. The stock’s fifty day moving average price is $8.56 and its 200-day moving average price is $9.56.

Institutional Trading of Novagold Resources

Hedge funds have recently bought and sold shares of the company. Torren Management LLC purchased a new stake in Novagold Resources during the fourth quarter valued at $27,000. Sunbelt Securities Inc. increased its position in Novagold Resources by 34,166.7% during the first quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock valued at $28,000 after acquiring an additional 3,075 shares during the last quarter. Leonteq Securities AG purchased a new stake in Novagold Resources during the fourth quarter valued at $38,000. Kestra Advisory Services LLC purchased a new stake in Novagold Resources during the fourth quarter valued at $47,000. Finally, TD Waterhouse Canada Inc. increased its position in Novagold Resources by 307.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock worth $49,000 after buying an additional 4,000 shares in 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.