NovaGold Resources (NYSEAMERICAN:NG) Rating Increased to Outperform at Royal Bank of Canada

NovaGold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG was upgraded by equities researchers at Royal Bank of Canada from a "sector perform" rating to an "outperform" rating in a report released on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $7.00 price objective on the mining company's stock, up from their previous price objective of $5.00. Royal Bank of Canada's price target would indicate a potential upside of 66.67% from the company's previous close.

Separately, National Bank Financial upgraded shares of NovaGold Resources to a "hold" rating in a research note on Friday, March 21st.

NovaGold Resources Stock Down 4.8%

NG traded down $0.21 during midday trading on Wednesday, hitting $4.20. 4,703,484 shares of the company traded hands, compared to its average volume of 2,363,700. The company's 50-day moving average is $3.53 and its 200 day moving average is $3.45. The firm has a market capitalization of $1.41 billion, a PE ratio of -32.31 and a beta of 1.05. NovaGold Resources has a 52 week low of $2.26 and a 52 week high of $5.06.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Barclays PLC increased its holdings in NovaGold Resources by 4.9% in the 4th quarter. Barclays PLC now owns 962,552 shares of the mining company's stock worth $3,206,000 after acquiring an additional 44,717 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of NovaGold Resources during the 4th quarter valued at $1,952,000. Deutsche Bank AG boosted its holdings in NovaGold Resources by 46.0% in the 4th quarter. Deutsche Bank AG now owns 224,614 shares of the mining company's stock worth $748,000 after buying an additional 70,780 shares during the period. D. E. Shaw & Co. Inc. bought a new stake in NovaGold Resources during the fourth quarter valued at about $73,000. Finally, Vanguard Group Inc. lifted its position in shares of NovaGold Resources by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 10,754,870 shares of the mining company's stock valued at $35,963,000 after acquiring an additional 169,209 shares in the last quarter. Hedge funds and other institutional investors own 57.56% of the company's stock.

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.