Novagold Resources Inc. (NYSEAMERICAN:NG) Receives $10.17 Consensus Target Price from Analysts

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has been given a consensus rating of “Moderate Buy” by the six brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $10.1667.

A number of equities research analysts have recently commented on NG shares. Citigroup increased their price target on shares of Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a report on Wednesday, October 15th. Zacks Research downgraded Novagold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. BMO Capital Markets started coverage on Novagold Resources in a report on Tuesday, November 4th. They issued an “outperform” rating for the company. B. Riley boosted their price target on Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Finally, National Bank Financial raised Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th.

Novagold Resources Stock Performance

Shares of Novagold Resources stock opened at $10.18 on Wednesday. Novagold Resources has a 1 year low of $2.26 and a 1 year high of $10.90. The firm’s 50-day moving average is $9.10 and its 200 day moving average is $7.30. The stock has a market cap of $4.14 billion, a price-to-earnings ratio of -40.72 and a beta of 0.81. The company has a debt-to-equity ratio of 0.92, a current ratio of 26.91 and a quick ratio of 26.91.

Institutional Trading of Novagold Resources

A number of large investors have recently made changes to their positions in NG. Hantz Financial Services Inc. bought a new position in Novagold Resources during the third quarter valued at approximately $40,000. Shepherd Financial Partners LLC purchased a new stake in Novagold Resources during the 2nd quarter valued at $41,000. Quadrature Capital Ltd bought a new position in shares of Novagold Resources during the 2nd quarter valued at $44,000. Cubist Systematic Strategies LLC purchased a new position in shares of Novagold Resources in the 1st quarter worth $44,000. Finally, Abel Hall LLC purchased a new position in shares of Novagold Resources in the 2nd quarter worth $47,000. 57.56% of the stock is currently owned by institutional investors.

Novagold Resources Company 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.