Novagold Resources (NYSEAMERICAN:NG) Rating Increased to Strong-Buy at Citigroup

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

Several other equities analysts have also issued reports on NG. Royal Bank Of Canada raised shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and boosted their price target for the company from $5.00 to $7.00 in a report on Wednesday, June 4th. National Bank Financial raised shares of Novagold Resources to a "hold" rating in a report on Friday, March 21st.

Novagold Resources Price Performance

Shares of Novagold Resources stock traded up $0.24 during midday trading on Tuesday, reaching $5.47. The company had a trading volume of 2,454,762 shares, compared to its average volume of 2,585,292. The company has a current ratio of 76.72, a quick ratio of 76.72 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of -22.79 and a beta of 0.67. The stock has a fifty day simple moving average of $4.14 and a 200 day simple moving average of $3.58. Novagold Resources has a 1-year low of $2.26 and a 1-year high of $5.49.

Insider Transactions at Novagold Resources

In related news, Director Hume D. Kyle purchased 10,000 shares of the stock in a transaction on Monday, June 30th. The shares were purchased at an average cost of $4.10 per share, with a total value of $41,000.00. Following the acquisition, the director directly owned 22,348 shares in the company, valued at $91,626.80. The trade was a 80.98% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.88% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NG. Sterling Capital Management LLC increased its holdings in shares of Novagold Resources by 814.9% during the fourth quarter. Sterling Capital Management LLC now owns 7,813 shares of the mining company's stock worth $26,000 after purchasing an additional 6,959 shares during the period. Cary Street Partners Financial LLC bought a new position in shares of Novagold Resources during the first quarter worth approximately $29,000. Squarepoint Ops LLC bought a new position in shares of Novagold Resources during the fourth quarter worth approximately $35,000. Dauntless Investment Group LLC acquired a new stake in shares of Novagold Resources during the 1st quarter worth approximately $39,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Novagold Resources during the 1st quarter worth approximately $44,000. 57.56% of the stock is owned by institutional investors.

Novagold Resources Company Profile

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.