Kopernik Global Investors LLC Cuts Stock Position in Novagold Resources Inc. $NG

Kopernik Global Investors LLC decreased its position in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 22.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 6,511,729 shares of the mining company’s stock after selling 1,917,650 shares during the period. Novagold Resources comprises about 4.1% of Kopernik Global Investors LLC’s holdings, making the stock its 8th largest holding. Kopernik Global Investors LLC’s holdings in Novagold Resources were worth $58,475,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Torren Management LLC purchased a new position in shares of Novagold Resources in the 4th quarter valued at approximately $27,000. Leonteq Securities AG purchased a new stake in Novagold Resources in the fourth quarter worth $38,000. Cubist Systematic Strategies LLC purchased a new stake in Novagold Resources in the first quarter worth $44,000. Kestra Advisory Services LLC bought a new position in Novagold Resources in the fourth quarter worth $47,000. Finally, TD Waterhouse Canada Inc. raised its holdings in Novagold Resources by 307.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock worth $49,000 after purchasing an additional 4,000 shares in the last quarter. Institutional investors own 57.56% of the company’s stock.

Key Novagold Resources News

Here are the key news stories impacting Novagold Resources this week:

• Positive Sentiment: NOVAGOLD agreed to acquire Paulson Advisers’ remaining 40% stake in Donlin Gold in an all-share deal, giving it 100% ownership of one of North America’s largest undeveloped gold deposits. Investors may view the move as simplifying the project and improving its long-term development outlook. NOVAGOLD Enters Into Definitive Agreements to Acquire 100% of Donlin Gold
• Positive Sentiment: The company said the transaction is accretive on key metrics and creates a leading U.S.-domiciled gold developer with an estimated US$4.2 billion equity value, which could support a stronger valuation for NOVAGOLD. Reuters article on the $4.2 billion deal
• Neutral Sentiment: NOVAGOLD also reported a quarterly loss of $0.06 per share, which was in line with the company’s development-stage profile but does not appear to be the main driver of today’s stock move. NOVAGOLD quarterly earnings report
• Negative Sentiment: A shareholder rights law firm said it is investigating whether NOVAGOLD secured a fair price in the Donlin Gold transaction, which could raise legal or governance concerns for investors. Halper Sadeh investor investigation

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Morgan Stanley lowered their price objective on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Scotiabank upgraded shares of Novagold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th. Finally, Canaccord Genuity Group initiated coverage on shares of Novagold Resources in a research report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Novagold Resources currently has a consensus rating of “Buy” and a consensus price target of $13.22.

Novagold Resources Stock Up 10.3%

NG stock opened at $6.21 on Thursday. The business has a 50 day moving average of $7.07 and a 200 day moving average of $8.92. The firm has a market cap of $2.72 billion, a PE ratio of -36.53 and a beta of 0.84. Novagold Resources Inc. has a twelve month low of $5.07 and a twelve month high of $14.40. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. On average, research analysts forecast that Novagold Resources Inc. will post -0.18 EPS for the current fiscal year.

Novagold Resources 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.