Novagold Resources Inc. (NYSEAMERICAN:NG) Stock Now Rated "Buy" by Sell-Side Brokerages

Key Points

• Novagold Resources received a consensus “Buy” rating from eight analysts, with six buy ratings, one strong buy, and one hold. The average 12-month price target is $12.25.
• NG shares opened at $6.52, down 1.2%, compared with a 52-week range of $5.07 to $14.40. The company reported a quarterly loss of $0.08 per share, missing estimates by $0.01.
• Institutional investors own 57.56% of the company, with several firms recently initiating or expanding positions. NovaGold is focused on developing the Donlin Gold project in Alaska and does not currently operate producing mines.

Novagold Resources Inc. (NYSEAMERICAN:NG - Get Free Report) TSE: NG has received a consensus rating of "Buy" from the eight analysts that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $12.25.

Several research firms have weighed in on NG. B. Riley Financial assumed coverage on Novagold Resources in a research report on Monday, August 3rd. They set a "buy" rating and a $9.00 price target on the stock. Morgan Stanley dropped their price target on Novagold Resources from $13.60 to $13.00 and set an "overweight" rating for the company in a report on Wednesday, October 7th.

Novagold Resources Stock Down 1.2%

NG stock opened at $6.52 on Tuesday. 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 current ratio of 44.51 and a quick ratio of 44.51. The business has a 50-day moving average of $7.53 and a 200-day moving average of $7.59. The stock has a market capitalization of $2.86 billion, a P/E ratio of -31.05 and a beta of 0.95.

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) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 fiscal year.

Institutional Investors Weigh In On Novagold Resources

Several institutional investors and hedge funds have recently bought and sold shares of NG. Quantinno Capital Management LP boosted its position in shares of Novagold Resources by 1,075.2% during the 1st quarter. Quantinno Capital Management LP now owns 358,148 shares of the mining company's stock worth $3,216,000 after acquiring an additional 327,672 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Novagold Resources during the first quarter worth about $7,972,000. Corient Private Wealth LP acquired a new position in Novagold Resources in the 2nd quarter valued at approximately $907,000. Pin Oak Investment Advisors Inc. acquired a new stake in Novagold Resources in the second quarter valued at $1,958,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Novagold Resources during the second quarter worth about $5,197,000. Institutional investors own 57.56% of the company's stock.

Novagold Resources Company Profile

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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