Novagold Resources Inc. (NYSEAMERICAN:NG) Receives Average Recommendation of "Buy" from Analysts

Key Points

• Novagold Resources received a consensus “Buy” rating from nine analysts: seven Buys, one Hold, and one Strong Buy. The average 12-month price target is $12.42.
• The stock opened at $8.75, with a 52-week range of $5.07 to $14.40 and a market capitalization of approximately $3.84 billion. Novagold reported quarterly EPS of negative $0.06, while analysts expect a full-year loss of $0.16 per share.
• Institutional investors and hedge funds own 57.56% of the company, with several investors increasing their positions during the second quarter. Novagold’s flagship asset is the Donlin Gold project in Alaska, a 50/50 joint venture with Barrick Gold.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG has received a consensus rating of "Buy" from the nine ratings firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $12.42.

A number of research analysts have issued reports on the stock. Scotiabank upgraded shares of Novagold Resources to a "strong-buy" rating in a report on Wednesday, May 6th. B. Riley Financial started coverage on Novagold Resources in a report on Monday, August 3rd. They issued a "buy" rating and a $9.00 price target for the company. Finally, Morgan Stanley dropped their price objective on shares of Novagold Resources from $13.80 to $13.60 and set an "overweight" rating on the stock in a research note on Wednesday, July 8th.

Novagold Resources Stock Performance

NYSEAMERICAN:NG opened at $8.75 on Monday. The stock has a fifty day moving average price of $6.82 and a two-hundred day moving average price of $8.45. Novagold Resources has a 1 year low of $5.07 and a 1 year high of $14.40. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82. The stock has a market capitalization of $3.84 billion, a price-to-earnings ratio of -51.47 and a beta of 0.85.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last announced its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. As a group, sell-side analysts anticipate that Novagold Resources will post -0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Novagold Resources

Hedge funds have recently made changes to their positions in the business. Corient Private Wealth LP purchased a new stake in shares of Novagold Resources during the second quarter valued at $907,000. Groupe la Francaise lifted its holdings in Novagold Resources by 23.1% in the 2nd quarter. Groupe la Francaise now owns 400,000 shares of the mining company's stock worth $2,393,000 after purchasing an additional 75,000 shares during the last quarter. California State Teachers Retirement System raised its holdings in Novagold Resources by 87.9% in the 2nd quarter. California State Teachers Retirement System now owns 28,668 shares of the mining company's stock worth $171,000 after acquiring an additional 13,411 shares during the period. AlphaGrep UK Ltd acquired a new position in shares of Novagold Resources during the second quarter worth approximately $66,000. Finally, TD Waterhouse Canada Inc. raised its position in shares of Novagold Resources by 41.1% during the second quarter. TD Waterhouse Canada Inc. now owns 10,300 shares of the mining company's stock valued at $63,000 after buying an additional 3,000 shares during the last quarter. Institutional investors and hedge funds 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.

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