Novagold Resources (NYSEAMERICAN:NG) Stock Rating Upgraded by Zacks Research

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

A number of other brokerages have also issued reports on NG. B. Riley Financial upped their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. Scotiabank initiated coverage on shares of Novagold Resources in a research note on Friday, February 6th. They set a “sector outperform” rating on the stock. Royal Bank Of Canada decreased their target price on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, March 19th. Finally, Canaccord Genuity Group started coverage on shares of Novagold Resources in a research note on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $13.13.

Novagold Resources Stock Up 11.8%

NG stock opened at $8.98 on Monday. The company has a market cap of $3.94 billion, a price-to-earnings ratio of -35.92 and a beta of 0.75. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02. Novagold Resources has a 12 month low of $2.26 and a 12 month high of $14.40. The firm has a 50-day moving average of $10.36 and a two-hundred day moving average of $9.60.

Insider Activity

In related news, Director Dawn Patricia Whittaker purchased 4,000 shares of Novagold Resources stock in a transaction dated Wednesday, February 4th. The shares were acquired at an average cost of $9.36 per share, with a total value of $37,440.00. Following the purchase, the director owned 4,000 shares of the company’s stock, valued at approximately $37,440. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.39% of the company’s stock.

Hedge Funds Weigh In On Novagold Resources

Hedge funds have recently made changes to their positions in the stock. Invesco Ltd. raised its position in Novagold Resources by 3.4% in the fourth quarter. Invesco Ltd. now owns 186,983 shares of the mining company’s stock valued at $1,743,000 after purchasing an additional 6,154 shares during the period. Mercer Global Advisors Inc. ADV purchased a new position in shares of Novagold Resources during the fourth quarter worth $121,000. Mackenzie Financial Corp grew its stake in shares of Novagold Resources by 73.0% in the fourth quarter. Mackenzie Financial Corp now owns 368,038 shares of the mining company’s stock valued at $3,465,000 after buying an additional 155,336 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Novagold Resources by 70.6% in the fourth quarter. Empowered Funds LLC now owns 30,978 shares of the mining company’s stock valued at $289,000 after buying an additional 12,816 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Novagold Resources by 2.5% in the 4th quarter. Wellington Management Group LLP now owns 1,273,964 shares of the mining company’s stock valued at $11,873,000 after buying an additional 30,528 shares during the period. Hedge funds and other institutional investors own 57.56% of the company’s stock.

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.