NovaGold Resources (NYSEAMERICAN:NG) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) from a sell rating to a hold rating in a report released on Tuesday morning, Zacks.com reports.

According to Zacks, “NovaGold Resources is a gold and copper company engaged in the exploration and development of mineral properties in Alaska and Western Canada. The Company is rapidly moving to production at its hundred percent owned Nome Operations in Alaska, which includes Rock Creek, Big Hurrah and Nome Gold. NovaGold recently announced its partnership with Teck Cominco to build the Galore Creek copper-gold mine in northwestern British Columbia, with NovaGold and Teck Cominco each owning 50% of the project once Teck Cominco has completed its partnership requirements. “

NYSEAMERICAN NG opened at $6.53 on Tuesday. NovaGold Resources has a 12 month low of $3.41 and a 12 month high of $6.57.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last issued its earnings results on Wednesday, June 26th. The mining company reported ($0.02) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.02).

In other news, VP David A. Ottewell sold 26,166 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $4.27, for a total transaction of $111,728.82. Following the completion of the transaction, the vice president now directly owns 619,999 shares in the company, valued at approximately $2,647,395.73. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP David A. Ottewell sold 38,385 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $6.24, for a total value of $239,522.40. Following the transaction, the vice president now owns 662,265 shares of the company’s stock, valued at $4,132,533.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 358,948 shares of company stock valued at $1,968,236.

Several hedge funds have recently bought and sold shares of NG. Norges Bank acquired a new stake in shares of NovaGold Resources during the 4th quarter valued at approximately $12,388,000. Exor Investments UK LLP raised its position in shares of NovaGold Resources by 11.6% during the 2nd quarter. Exor Investments UK LLP now owns 6,573,905 shares of the mining company’s stock valued at $38,852,000 after acquiring an additional 684,000 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in shares of NovaGold Resources during the 1st quarter valued at approximately $2,208,000. D. E. Shaw & Co. Inc. raised its position in shares of NovaGold Resources by 356.8% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 363,406 shares of the mining company’s stock valued at $1,435,000 after acquiring an additional 283,847 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its position in NovaGold Resources by 13.2% in the first quarter. Teacher Retirement System of Texas now owns 1,821,816 shares of the mining company’s stock worth $7,597,000 after buying an additional 211,816 shares during the period.

NovaGold Resources Company Profile

NovaGold Resources Inc primarily explores for and develops gold mineral properties in Canada and the United States. Its principal asset is the Donlin Gold property covering an area of 71,420 acres located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.

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