Novagold Resources Inc. (NG) – What Are Brokerages Saying About This Stock?

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has earned an average rating of “Buy” from the seven research firms that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $12.30.

A number of analysts have issued reports on the stock. Morgan Stanley cut their price objective on shares of Novagold Resources from $13.60 to $13.00 and set an “overweight” rating for the company in a report on Wednesday, October 7th. B. Riley Financial assumed coverage on Novagold Resources in a research report on Monday, August 3rd. They set a “buy” rating and a $9.00 price target on the stock. Finally, Citigroup assumed coverage on Novagold Resources in a research note on Friday, November 6th. They set a “buy” rating and a $12.50 price objective on the stock.

Institutional Investors Weigh In On Novagold Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. raised its position in shares of Novagold Resources by 32,405.9% in the 1st quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company’s stock valued at $51,380,000 after buying an additional 5,704,403 shares in the last quarter. Amundi boosted its position in shares of Novagold Resources by 11.5% during the 1st quarter. Amundi now owns 5,050,474 shares of the mining company’s stock worth $45,353,000 after acquiring an additional 521,388 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Novagold Resources during the 1st quarter worth approximately $7,972,000. Bank of New York Mellon Corp acquired a new stake in shares of Novagold Resources during the 2nd quarter worth approximately $5,197,000. Finally, CapWealth Advisors LLC boosted its position in shares of Novagold Resources by 13.4% during the 3rd quarter. CapWealth Advisors LLC now owns 509,193 shares of the mining company’s stock worth $3,310,000 after acquiring an additional 60,203 shares in the last quarter. Institutional investors own 57.56% of the company’s stock.

Novagold Resources Stock Performance

NG traded down $0.13 during trading on Friday, hitting $5.63. The stock had a trading volume of 4,121,046 shares, compared to its average volume of 4,223,231. The company has a debt-to-equity ratio of 0.46, a current ratio of 44.51 and a quick ratio of 44.51. The company has a 50 day moving average price of $6.66 and a 200-day moving average price of $8.05. Novagold Resources has a one year low of $5.07 and a one year high of $14.40. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of -26.81 and a beta of 0.97.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its earnings results on Thursday, October 8th. The mining company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). As a group, research analysts predict that Novagold Resources will post -0.18 EPS for the current year.

Novagold Resources Company Profile

NOVAGOLD Resources Inc. is a Canadian-based precious metals company focused on advancing the Donlin Gold project in southwestern Alaska. The company is a development-stage business and does not currently operate producing mines. Donlin Gold is owned equally by NOVAGOLD and Barrick Gold Corporation. The partners are working to advance the project, which is located in the Kuskokwim region of Alaska. NOVAGOLD’s activities center on evaluating and developing the Donlin Gold project, including its exploration, engineering, permitting and related planning work.