Pin Oak Investment Advisors Inc. Purchases New Holdings in Novagold Resources Inc. $NG

Key Points

• Pin Oak Investment Advisors acquired 327,954 Novagold Resources shares worth approximately $1.96 million, representing about 0.07% of the company and 1% of the fund’s portfolio.
• Institutional ownership remains significant at 57.56%, with several other investment firms increasing their positions in Novagold.
• Analysts maintain a generally positive outlook, with an average “Buy” rating and a $12.42 price target versus the stock’s reported $8.75 opening price.

Pin Oak Investment Advisors Inc. acquired 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 Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 327,954 shares of the mining company's stock, valued at approximately $1,958,000. Novagold Resources makes up about 1.0% of Pin Oak Investment Advisors Inc.'s portfolio, making the stock its 28th largest position. Pin Oak Investment Advisors Inc. owned approximately 0.07% of Novagold Resources at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cetera Investment Advisers increased its stake in shares of Novagold Resources by 2.7% during the fourth quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company's stock valued at $431,000 after purchasing an additional 1,235 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Novagold Resources by 1.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company's stock worth $652,000 after purchasing an additional 1,299 shares in the last quarter. Sprott Inc. boosted its position in shares of Novagold Resources by 12.7% in the 4th quarter. Sprott Inc. now owns 12,430 shares of the mining company's stock worth $116,000 after purchasing an additional 1,400 shares in the last quarter. Cooper Financial Group grew its stake in shares of Novagold Resources by 9.5% in the 2nd quarter. Cooper Financial Group now owns 29,933 shares of the mining company's stock worth $179,000 after buying an additional 2,594 shares during the last quarter. Finally, Investment Management Corp of Ontario grew its stake in shares of Novagold Resources by 18.6% in the 2nd quarter. Investment Management Corp of Ontario now owns 18,489 shares of the mining company's stock worth $76,000 after buying an additional 2,900 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company's stock.

Wall Street Analyst Weigh In

NG has been the subject of a number of recent research reports. Scotiabank upgraded Novagold Resources to a "strong-buy" rating in a research note on Wednesday, May 6th. B. Riley Financial initiated coverage on Novagold Resources in a report on Monday, August 3rd. They issued a "buy" rating and a $9.00 target price on the stock. Finally, Morgan Stanley cut their target price on Novagold Resources from $13.80 to $13.60 and set an "overweight" rating on the stock in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Novagold Resources has an average rating of "Buy" and an average target price of $12.42.

Novagold Resources Stock Down 4.1%

Shares of Novagold Resources stock opened at $8.75 on Friday. 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 PE ratio of -51.47 and a beta of 0.85. Novagold Resources Inc. has a 52-week low of $5.07 and a 52-week high of $14.40. The company has a 50-day simple moving average of $6.82 and a two-hundred day simple moving average of $8.46.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last posted its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. On average, analysts anticipate that Novagold Resources Inc. will post -0.16 EPS for the current fiscal year.

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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