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

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) have received a consensus recommendation of “Moderate Buy” from the six brokerages that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $10.1667.

A number of analysts recently weighed in on NG shares. National Bank Financial raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. Zacks Research cut Novagold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Citigroup increased their target price on Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a research note on Wednesday, October 15th. BMO Capital Markets assumed coverage on Novagold Resources in a report on Tuesday, November 4th. They set an “outperform” rating on the stock. Finally, B. Riley boosted their price target on Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th.

Institutional Investors Weigh In On Novagold Resources

A number of large investors have recently added to or reduced their stakes in the company. Hantz Financial Services Inc. purchased a new stake in Novagold Resources during the 3rd quarter worth $40,000. Federated Hermes Inc. boosted its position in Novagold Resources by 35.4% in the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock valued at $54,000 after buying an additional 1,610 shares during the last quarter. Cary Street Partners Financial LLC acquired a new stake in shares of Novagold Resources during the first quarter valued at about $29,000. Shepherd Financial Partners LLC acquired a new stake in shares of Novagold Resources during the second quarter valued at about $41,000. Finally, Cresset Asset Management LLC purchased a new stake in shares of Novagold Resources during the third quarter worth about $88,000. 57.56% of the stock is owned by institutional investors and hedge funds.

Novagold Resources Stock Performance

Shares of NG stock opened at $10.19 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 26.91 and a current ratio of 26.91. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of -40.76 and a beta of 0.77. Novagold Resources has a one year low of $2.26 and a one year high of $10.90. The company has a 50 day moving average price of $8.89 and a 200 day moving average price of $6.45.

About Novagold Resources

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.