Novagold Resources (NYSEAMERICAN:NG) Raised to Strong-Buy at Scotiabank

Key Points

• Scotiabank upgraded Novagold Resources to a "strong-buy" in a note to investors.
• The stock jumped about 13.9%, opened at $9.03, and the consensus among analysts is a "Buy" with an average target price of $13.26 and a market cap around $3.96 billion.
• Novagold's flagship asset is the Donlin Gold project (50/50 JV with Barrick), and institutional investors own ~57.56% of the company with large recent buys including an Electrum Group position worth roughly $865.9 million.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG was upgraded by stock analysts at Scotiabank to a "strong-buy" rating in a note issued to investors on Wednesday,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Zacks Research raised shares of Novagold Resources from a "strong sell" rating to a "hold" rating in a report on Monday, March 30th. B. Riley Financial increased their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Tuesday, January 27th. Royal Bank Of Canada decreased their price objective on Novagold Resources from $18.00 to $14.00 and set an "outperform" rating on the stock in a research report on Thursday, March 19th. Morgan Stanley started coverage on Novagold Resources in a research report on Thursday, April 9th. They issued an "overweight" rating and a $13.80 price objective on the stock. Finally, Canaccord Genuity Group started coverage on Novagold Resources in a research report on Friday, March 27th. They issued a "speculative buy" rating and a $13.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $13.26.

Novagold Resources Stock Up 13.9%

NYSEAMERICAN NG opened at $9.03 on Wednesday. The firm has a market cap of $3.96 billion, a PE ratio of -34.73 and a beta of 0.76. Novagold Resources has a one year low of $3.37 and a one year high of $14.40. The stock's 50 day simple moving average is $9.87 and its 200 day simple moving average is $9.66. The company has a debt-to-equity ratio of 0.38, a current ratio of 88.72 and a quick ratio of 88.72.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Electrum Group LLC bought a new position in Novagold Resources during the 4th quarter worth approximately $865,854,000. Capital World Investors grew its stake in Novagold Resources by 12.8% in the third quarter. Capital World Investors now owns 17,666,000 shares of the mining company's stock valued at $155,461,000 after acquiring an additional 2,000,000 shares during the period. Vanguard Group Inc. grew its stake in Novagold Resources by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 14,760,990 shares of the mining company's stock valued at $137,647,000 after acquiring an additional 173,474 shares during the period. UBS Group AG grew its stake in Novagold Resources by 21.9% in the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company's stock valued at $119,837,000 after acquiring an additional 2,443,511 shares during the period. Finally, Van ECK Associates Corp grew its stake in Novagold Resources by 29.2% in the third quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company's stock valued at $71,802,000 after acquiring an additional 1,842,582 shares during the period. Institutional investors own 57.56% of the company's stock.

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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