NovaGold Resources (TSE:NG) Stock Price Up 4.2% – Still a Buy?

NovaGold Resources Inc. (TSE:NG)’s share price shot up 4.2% on Tuesday . The stock traded as high as C$13.56 and last traded at C$13.49. Approximately 950,621 shares traded hands during trading, an increase of 46% from the average session volume of 652,852 shares. The stock had previously closed at C$12.95.

Wall Street Analyst Weigh In

NG has been the subject of several recent analyst reports. Scotiabank upgraded shares of NovaGold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th. B. Riley Financial raised NovaGold Resources to a “strong-buy” rating in a research report on Monday, August 3rd. Three investment analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Strong Buy” and a consensus target price of C$18.00.

NovaGold Resources Trading Up 4.2%

The company has a 50 day moving average of C$9.48 and a 200-day moving average of C$11.69. The firm has a market capitalization of C$5.92 billion, a P/E ratio of -84.31 and a beta of 3.63.

NovaGold Resources (TSE:NG) last posted its quarterly earnings data on Wednesday, June 24th. The company reported C($0.06) earnings per share for the quarter.

NovaGold Resources Company Profile

NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories (560 million tonnes at an average grade of approximately 2.22 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)5, inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world.