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

Key Points

• Analysts maintain a bullish outlook: Nine firms give NovaGold a consensus “Buy” rating, including seven buys and one strong buy, with an average 12-month price target of $12.42.
• NovaGold shares opened at $7.14, versus a 52-week range of $5.07 to $14.40; the company reported a quarterly loss of $0.06 per share and analysts expect a full-year loss of $0.13 per share.
• Institutional investors own 57.56% of the stock. NovaGold’s primary asset is a 50% interest in the undeveloped Donlin Gold project in Alaska, operated jointly with Barrick Gold.

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

NG has been the subject of several research reports. B. Riley Financial started coverage on Novagold Resources in a research report on Monday, August 3rd. They issued a "buy" rating and a $9.00 target price for the company. Morgan Stanley dropped their price objective on shares of Novagold Resources from $13.80 to $13.60 and set an "overweight" rating for the company in a report on Wednesday, July 8th.

Novagold Resources Stock Down 1.7%

NYSEAMERICAN:NG opened at $7.14 on Friday. Novagold Resources has a 52 week low of $5.07 and a 52 week high of $14.40. The stock's fifty day moving average is $7.39 and its two-hundred day moving average is $7.92. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of -42.00 and a beta of 0.92. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last posted its quarterly earnings data on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share (EPS) for the quarter. Research analysts anticipate that Novagold Resources will post -0.13 EPS for the current year.

Institutional Trading of Novagold Resources

Several hedge funds have recently modified their holdings of NG. Electrum Group LLC acquired a new position in Novagold Resources during the 4th quarter worth $865,854,000. Principal Financial Group Inc. boosted its stake in shares of Novagold Resources by 32,405.9% in the 1st quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company's stock valued at $51,380,000 after buying an additional 5,704,403 shares during the period. Amundi boosted its stake in shares of Novagold Resources by 11.5% in the 1st quarter. Amundi now owns 5,050,474 shares of the mining company's stock valued at $45,353,000 after buying an additional 521,388 shares during the period. Greenwich Wealth Management LLC acquired a new position in shares of Novagold Resources during the fourth quarter worth about $18,640,000. Finally, TD Asset Management Inc grew its position in shares of Novagold Resources by 77.5% during the fourth quarter. TD Asset Management Inc now owns 1,607,877 shares of the mining company's stock worth $15,014,000 after buying an additional 701,902 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.

Novagold Resources Company Profile

NovaGold Resources Inc is a Canadian-based mineral exploration and development company focused on advancing the Donlin Gold project in southwestern Alaska. The company does not currently operate producing mines; its principal asset is its 50% interest in Donlin Gold LLC, which owns the Donlin Gold project. Barrick Gold Corporation owns the remaining 50% interest and is the project operator.

Donlin Gold is one of the largest undeveloped gold deposits in the world. The project is located in the Yukon-Kuskokwim region of Alaska, approximately 145 miles northeast of the port of Bethel.

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