Novagold Resources (NYSEAMERICAN:NG) Now Covered by Citigroup

Key Points

• Citigroup initiated coverage of NovaGold Resources with a “buy” rating and a $12.50 price target, implying 105.93% upside from the stock’s then-current price.
• Analyst sentiment is broadly positive: the consensus rating is “Buy,” with an average price target of $12.30.
• NovaGold reported quarterly EPS of -$0.08, missing the -$0.07 consensus estimate by $0.01.

Stock analysts at Citigroup assumed coverage on shares of Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG in a research note issued on Friday, Benzinga reports. The firm set a "buy" rating and a $12.50 price target on the mining company's stock. Citigroup's price objective points to a potential upside of 105.93% from the stock's current price.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley lowered their target price on shares of Novagold Resources from $13.60 to $13.00 and set an "overweight" rating for the company in a report on Wednesday, October 7th. B. Riley Financial initiated coverage on shares of Novagold Resources in a research report on Monday, August 3rd. They issued a "buy" rating and a $9.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $12.30.

Novagold Resources Stock Performance

NYSEAMERICAN:NG opened at $6.07 on Friday. The firm has a market capitalization of $2.66 billion, a PE ratio of -28.90 and a beta of 0.97. The stock's fifty day moving average is $6.94 and its 200 day moving average is $8.18. Novagold Resources has a fifty-two week low of $5.07 and a fifty-two week high of $14.40. The company has a debt-to-equity ratio of 0.46, a quick ratio of 44.51 and a current ratio of 44.51.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last posted its quarterly earnings data on Thursday, October 8th. The mining company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.01). On average, sell-side analysts anticipate that Novagold Resources will post -0.18 earnings per share for the current year.

Hedge Funds Weigh In On Novagold Resources

Hedge funds have recently bought and sold shares of the business. Almanack Investment Partners LLC. boosted its holdings in shares of Novagold Resources by 9.8% in the third quarter. Almanack Investment Partners LLC. now owns 59,350 shares of the mining company's stock valued at $386,000 after purchasing an additional 5,300 shares during the period. Ethic Inc. bought a new position in Novagold Resources in the third quarter worth approximately $155,000. Pictet Asset Management Holding SA increased its holdings in Novagold Resources by 8.7% during the 3rd quarter. Pictet Asset Management Holding SA now owns 70,885 shares of the mining company's stock worth $463,000 after purchasing an additional 5,694 shares during the period. Pinnacle Wealth Planning Services Inc. increased its holdings in Novagold Resources by 6,221.2% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 5,057 shares of the mining company's stock worth $33,000 after purchasing an additional 4,977 shares during the period. Finally, Signaturefd LLC raised its position in Novagold Resources by 98.1% during the 3rd quarter. Signaturefd LLC now owns 13,440 shares of the mining company's stock valued at $87,000 after purchasing an additional 6,654 shares in the last quarter. Institutional investors own 57.56% of the company's stock.

About Novagold Resources

NovaGold Resources Inc is a Canadian precious metals exploration and development company focused primarily on advancing large-scale gold projects in North America. The company does not currently operate producing mines; its activities center on exploration, technical studies, permitting, project development and working with partners to advance mineral assets.

NovaGold's principal asset is the Donlin Gold project in southwest Alaska, one of the largest undeveloped gold deposits in the world.

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