Goehring & Rozencwajg Associates LLC Lowers Holdings in Novagold Resources Inc. $NG

Goehring & Rozencwajg Associates LLC trimmed its holdings in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 13.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 692,741 shares of the mining company’s stock after selling 107,085 shares during the quarter. Goehring & Rozencwajg Associates LLC’s holdings in Novagold Resources were worth $6,221,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in NG. Torren Management LLC bought a new stake in shares of Novagold Resources during the fourth quarter valued at approximately $27,000. Leonteq Securities AG purchased a new position in Novagold Resources during the fourth quarter valued at $38,000. Kestra Advisory Services LLC bought a new stake in Novagold Resources in the 4th quarter valued at $47,000. TD Waterhouse Canada Inc. increased its holdings in 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 acquiring an additional 4,000 shares during the last quarter. Finally, Cresset Asset Management LLC purchased a new stake in Novagold Resources in the 3rd quarter worth $88,000. 57.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on NG. Canaccord Genuity Group started coverage on shares of Novagold Resources in a report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price objective for the company. Royal Bank Of Canada dropped their price target on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, March 19th. Zacks Research upgraded 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. Finally, Morgan Stanley cut their target price on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $13.22.

Novagold Resources Stock Performance

Novagold Resources stock opened at $5.70 on Thursday. The company has a 50 day moving average price of $7.41 and a 200-day moving average price of $9.07. The company has a market capitalization of $2.50 billion, a PE ratio of -33.53 and a beta of 0.84. Novagold Resources Inc. has a fifty-two week low of $4.99 and a fifty-two week high of $14.40. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82.

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.