Novagold Resources Inc. (NYSEAMERICAN:NG) Given Consensus Rating of “Moderate Buy” by Brokerages

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has earned an average recommendation of “Moderate Buy” from the six ratings firms that are currently covering the company, Marketbeat.com reports. One research 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 recently issued reports on the company. National Bank Financial raised Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. Citigroup increased their target price on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. BMO Capital Markets began coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They set an “outperform” rating for the company. B. Riley upped their price target on shares of Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Finally, Zacks Research lowered shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th.

Institutional Trading of Novagold Resources

A number of large investors have recently modified their holdings of NG. Hantz Financial Services Inc. bought a new position in Novagold Resources in the third quarter worth approximately $40,000. Shepherd Financial Partners LLC purchased a new stake in shares of Novagold Resources in the 2nd quarter worth $41,000. Quadrature Capital Ltd bought a new position in shares of Novagold Resources during the 2nd quarter worth $44,000. Cubist Systematic Strategies LLC purchased a new position in shares of Novagold Resources during the first quarter valued at $44,000. Finally, Abel Hall LLC bought a new stake in shares of Novagold Resources in the second quarter valued at about $47,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Novagold Resources Stock Performance

Novagold Resources stock opened at $10.49 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 26.91 and a quick ratio of 26.91. The firm has a market capitalization of $4.27 billion, a P/E ratio of -41.96 and a beta of 0.83. Novagold Resources has a 1-year low of $2.26 and a 1-year high of $11.29. The company’s 50-day moving average is $9.68 and its 200 day moving average is $8.04.

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.