Citigroup Initiates Coverage on Novagold Resources (NYSEAMERICAN:NG)

Citigroup started coverage on shares of Novagold Resources (NYSEAMERICAN:NG - Free Report) TSE: NG in a research report released on Wednesday morning, MarketBeat reports. The brokerage issued a buy rating and a $7.00 target price on the mining company's stock.

Other equities research analysts have also recently issued research reports about the stock. National Bank Financial raised shares of Novagold Resources to a "hold" rating in a research report on Friday, March 21st. Royal Bank Of Canada raised shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and upped their price objective for the stock from $5.00 to $7.00 in a research report on Wednesday, June 4th.

Novagold Resources Stock Performance

NG stock traded up $0.04 during midday trading on Wednesday, reaching $5.51. 1,244,978 shares of the company were exchanged, compared to its average volume of 2,580,399. The company has a debt-to-equity ratio of 0.96, a current ratio of 76.72 and a quick ratio of 76.72. The business has a 50-day moving average price of $4.14 and a two-hundred day moving average price of $3.58. Novagold Resources has a one year low of $2.26 and a one year high of $5.58. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of -22.98 and a beta of 0.67.

Insider Activity

In related news, Director Hume D. Kyle acquired 10,000 shares of the company's stock in a transaction on Monday, June 30th. The shares were acquired at an average cost of $4.10 per share, for a total transaction of $41,000.00. Following the purchase, the director owned 22,348 shares in the company, valued at approximately $91,626.80. The trade was a 80.98% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.88% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Novagold Resources

A number of hedge funds have recently made changes to their positions in NG. Principal Financial Group Inc. grew its holdings in Novagold Resources by 21.0% during the 1st quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company's stock valued at $48,000 after buying an additional 2,848 shares in the last quarter. Mackenzie Financial Corp grew its holdings in Novagold Resources by 2.8% during the 4th quarter. Mackenzie Financial Corp now owns 144,463 shares of the mining company's stock valued at $483,000 after buying an additional 3,871 shares in the last quarter. MetLife Investment Management LLC grew its holdings in Novagold Resources by 3.7% during the 1st quarter. MetLife Investment Management LLC now owns 136,723 shares of the mining company's stock valued at $399,000 after buying an additional 4,880 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Novagold Resources by 1.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company's stock valued at $846,000 after buying an additional 4,896 shares in the last quarter. Finally, Significant Wealth Partners LLC grew its holdings in Novagold Resources by 20.9% during the 1st quarter. Significant Wealth Partners LLC now owns 38,546 shares of the mining company's stock valued at $113,000 after buying an additional 6,670 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors.

Novagold Resources Company Profile

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.