Novagold Resources Inc. (NYSEAMERICAN:NG) Receives Consensus Rating of “Buy” from Analysts

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has been given an average recommendation of “Buy” by the nine research firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $12.42.

Several analysts recently commented on the company. Morgan Stanley dropped their target price on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. B. Riley Financial initiated coverage on Novagold Resources in a research report on Monday, August 3rd. They issued a “buy” rating and a $9.00 price objective on the stock.

Novagold Resources Stock Down 1.2%

NYSEAMERICAN:NG opened at $6.42 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 112.82 and a quick ratio of 112.82. The company’s fifty day moving average price is $7.49 and its 200-day moving average price is $7.75. Novagold Resources has a 1-year low of $5.07 and a 1-year high of $14.40. The firm has a market capitalization of $2.82 billion, a P/E ratio of -37.76 and a beta of 0.95.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its quarterly earnings data on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. As a group, equities research analysts anticipate that Novagold Resources will post -0.13 EPS for the current year.

Hedge Funds Weigh In On Novagold Resources

Large investors have recently made changes to their positions in the company. Cooper Financial Group raised its stake in shares of Novagold Resources by 9.5% during the 2nd quarter. Cooper Financial Group now owns 29,933 shares of the mining company’s stock worth $179,000 after buying an additional 2,594 shares during the period. TD Waterhouse Canada Inc. grew its stake in Novagold Resources by 41.1% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 10,300 shares of the mining company’s stock valued at $63,000 after acquiring an additional 3,000 shares during the period. Sunbelt Securities Inc. increased its holdings in Novagold Resources by 34,166.7% in the 1st quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock worth $28,000 after acquiring an additional 3,075 shares in the last quarter. ProShare Advisors LLC raised its position in Novagold Resources by 6.9% during the fourth quarter. ProShare Advisors LLC now owns 55,400 shares of the mining company’s stock worth $516,000 after acquiring an additional 3,569 shares during the period. Finally, Pictet Asset Management Holding SA lifted its holdings in Novagold Resources by 6.3% during the first quarter. Pictet Asset Management Holding SA now owns 63,523 shares of the mining company’s stock valued at $570,000 after purchasing an additional 3,769 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.

About Novagold Resources

Novagold Resources Inc is a Canada-based precious metals exploration and development company focused on advancing the Donlin Gold project in southwest Alaska. The project is held through Donlin Gold LLC, which is owned equally by Novagold and Barrick Gold Corporation. Donlin Gold is one of the largest undeveloped gold deposits in the world and is located on lands owned by the Calista Corporation and The Kuskokwim Corporation.

Novagold does not currently operate producing mines. Its primary activities include project evaluation, permitting, technical studies, exploration, and community and stakeholder engagement related to Donlin Gold.