Novagold Resources Inc. (NYSEAMERICAN:NG) Receives Consensus Rating of "Buy" from Brokerages

Key Points

• Novagold Resources has a consensus “Buy” rating from nine analysts: seven buys, one hold and one strong buy. The average 12-month price target is $12.42, well above the reported $6.89 share price.
• Institutional investors own 57.56% of the company, with several funds increasing or initiating positions, including Principal Financial Group and the Teacher Retirement System of Texas.
• The stock recently rose 8.8%, but Novagold remains unprofitable, reporting a quarterly loss of $0.06 per share and facing analyst expectations for a full-year loss of $0.16 per share.

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

Several brokerages have commented on NG. B. Riley Financial began coverage on Novagold Resources in a research report on Monday. They set a "buy" rating and a $9.00 price objective for the company. Morgan Stanley reduced their target price on shares of Novagold Resources from $13.80 to $13.60 and set an "overweight" rating on the stock in a research report on Wednesday, July 8th. Finally, Scotiabank upgraded shares of Novagold Resources to a "strong-buy" rating in a research note on Wednesday, May 6th.

Hedge Funds Weigh In On Novagold Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Teacher Retirement System of Texas lifted its position in Novagold Resources by 12.7% in the 4th quarter. Teacher Retirement System of Texas now owns 5,376,816 shares of the mining company's stock valued at $50,112,000 after acquiring an additional 606,000 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Novagold Resources in the 1st quarter worth about $950,000. Greenwich Wealth Management LLC purchased a new stake in shares of Novagold Resources during the 4th quarter valued at about $18,640,000. Auxano Advisors LLC bought a new stake in shares of Novagold Resources in the fourth quarter worth approximately $839,000. Finally, Principal Financial Group Inc. lifted its position in Novagold Resources by 32,405.9% during 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 purchasing an additional 5,704,403 shares during the period. Institutional investors own 57.56% of the company's stock.

Novagold Resources Stock Up 8.8%

NG stock opened at $6.89 on Thursday. Novagold Resources has a fifty-two week low of $5.07 and a fifty-two week high of $14.40. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of -40.53 and a beta of 0.85. The business's 50 day moving average price is $6.67 and its two-hundred day moving average price is $8.65. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82.

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

About Novagold Resources

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source