B. Riley Boosts Novagold Resources (NYSEAMERICAN:NG) Price Target to $13.00

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) had its price objective raised by investment analysts at B. Riley from $11.00 to $13.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the mining company’s stock. B. Riley’s target price would indicate a potential upside of 15.04% from the company’s previous close.

A number of other equities analysts have also weighed in on the stock. 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. Citigroup lifted their target price 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. Zacks Research cut shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Finally, BMO Capital Markets began coverage on Novagold Resources in a report on Tuesday, November 4th. They issued an “outperform” rating on the stock. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $10.83.

Novagold Resources Stock Down 3.7%

Novagold Resources stock opened at $11.30 on Tuesday. Novagold Resources has a twelve month low of $2.26 and a twelve month high of $12.09. The stock has a 50 day moving average of $9.85 and a two-hundred day moving average of $8.24. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of -45.20 and a beta of 0.83.

Institutional Investors Weigh In On Novagold Resources

Several institutional investors have recently modified their holdings of the company. Teacher Retirement System of Texas increased its stake in Novagold Resources by 12.7% in the 4th quarter. Teacher Retirement System of Texas now owns 5,376,816 shares of the mining company’s stock valued at $50,112,000 after purchasing an additional 606,000 shares in the last quarter. Ruffer LLP increased its position in shares of Novagold Resources by 8.7% in the fourth quarter. Ruffer LLP now owns 152,710 shares of the mining company’s stock valued at $1,425,000 after buying an additional 12,230 shares in the last quarter. TD Waterhouse Canada Inc. raised its stake in shares of Novagold Resources by 307.7% during the 4th 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Novagold Resources by 14.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 104,654 shares of the mining company’s stock worth $977,000 after buying an additional 12,967 shares in the last quarter. Finally, Enclave Advisors LLC acquired a new stake in Novagold Resources in the 4th quarter valued at about $373,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.

About Novagold Resources

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.