Novagold Resources Inc. $NG Shares Sold by Empyrean Capital Partners LP

Empyrean Capital Partners LP trimmed its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 44.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,705,100 shares of the mining company’s stock after selling 2,188,466 shares during the quarter. Empyrean Capital Partners LP owned about 0.62% of Novagold Resources worth $25,212,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Torren Management LLC acquired a new stake in shares of Novagold Resources in the 4th quarter valued at approximately $27,000. Leonteq Securities AG acquired a new stake in shares of Novagold Resources in the 4th quarter valued at approximately $38,000. Kestra Advisory Services LLC acquired a new stake in shares of Novagold Resources in the 4th quarter valued at approximately $47,000. TD Waterhouse Canada Inc. lifted its holdings in shares of Novagold Resources by 307.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock valued at $49,000 after buying an additional 4,000 shares during the period. Finally, Cresset Asset Management LLC acquired a new stake in shares of Novagold Resources in the 3rd quarter valued at approximately $88,000. 57.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on NG shares. Morgan Stanley started coverage on Novagold Resources in a report on Thursday, April 9th. They issued an “overweight” rating and a $13.80 price target for the company. Zacks Research raised Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Scotiabank raised Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Canaccord Genuity Group started coverage on Novagold Resources in a report on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 price target for the company. Finally, Royal Bank Of Canada reduced their price target on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, March 19th. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $13.26.

Novagold Resources Stock Performance

NYSEAMERICAN NG opened at $8.10 on Thursday. Novagold Resources Inc. has a 1-year low of $3.61 and a 1-year high of $14.40. The company has a market capitalization of $3.55 billion, a P/E ratio of -31.15 and a beta of 0.77. The business has a 50 day moving average price of $8.54 and a 200 day moving average price of $9.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 88.72 and a quick ratio of 88.72.

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.