151,991 Shares in Novagold Resources Inc. $NG Bought by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP initiated a position in NovaGold Resources by purchasing 151,991 shares worth approximately $907,000. Institutional and hedge-fund investors collectively own 57.56% of the company.
• Analysts remain broadly positive, with an average rating of “Buy” and an average price target of $12.42; Morgan Stanley set a $13.60 target, while B. Riley began coverage with a $9.00 target.
• NovaGold shares opened at $7.13, compared with a 52-week range of $5.07 to $14.40. The company reported a quarterly loss of $0.06 per share and is focused on its 50% stake in the undeveloped Donlin Gold project in Alaska.

Corient Private Wealth LP bought a new position in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 151,991 shares of the mining company's stock, valued at approximately $907,000.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on NG shares. Morgan Stanley lowered their price target 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. B. Riley Financial began coverage on shares of Novagold Resources in a research note on Monday, August 3rd. They issued a "buy" rating and a $9.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Novagold Resources presently has an average rating of "Buy" and an average target price of $12.42.

Novagold Resources Stock Performance

Shares of NYSEAMERICAN NG opened at $7.13 on Monday. The company has a market cap of $3.13 billion, a PE ratio of -41.94 and a beta of 0.92. Novagold Resources Inc. has a 12 month low of $5.07 and a 12 month high of $14.40. The company has a debt-to-equity ratio of 0.41, a current ratio of 112.82 and a quick ratio of 112.82. The company has a 50-day simple moving average of $7.43 and a 200-day simple moving average of $7.89.

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

Novagold Resources 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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