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

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has earned an average rating of “Buy” from the nine ratings firms that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $12.42.

NG has been the subject of several analyst reports. Scotiabank upgraded Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Morgan Stanley cut their price objective on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. Finally, B. Riley Financial started coverage on shares of Novagold Resources in a research report on Monday. They set a “buy” rating and a $9.00 target price on the stock.

Novagold Resources Stock Up 8.8%

NG opened at $6.89 on Thursday. The firm’s 50 day simple moving average is $6.67 and its two-hundred day simple moving average is $8.65. The company has a market capitalization of $3.02 billion, a PE ratio of -40.53 and a beta of 0.85. Novagold Resources has a 1-year low of $5.07 and a 1-year high of $14.40. The company has a current ratio of 112.82, a quick ratio of 112.82 and a debt-to-equity ratio of 0.41.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. As a group, equities analysts forecast that Novagold Resources will post -0.16 EPS for the current year.

Hedge Funds Weigh In On Novagold Resources

Several hedge funds and other institutional investors have recently bought and sold shares of NG. Cooper Financial Group boosted its holdings in shares of Novagold Resources by 9.5% in the 2nd quarter. Cooper Financial Group now owns 29,933 shares of the mining company’s stock valued at $179,000 after acquiring an additional 2,594 shares during the last quarter. Harbor Investment Advisory LLC purchased a new stake in Novagold Resources in the second quarter valued at $33,000. Groupe la Francaise acquired a new stake in Novagold Resources during the 1st quarter worth about $2,918,000. Sunbelt Securities Inc. raised its stake in shares of Novagold Resources by 34,166.7% during the 1st quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock valued at $28,000 after buying an additional 3,075 shares during the last quarter. Finally, Amundi lifted its holdings in shares of Novagold Resources by 11.5% in the 1st quarter. Amundi now owns 5,050,474 shares of the mining company’s stock valued at $45,353,000 after buying an additional 521,388 shares during the period. Institutional investors and hedge funds own 57.56% of the company’s stock.

Novagold Resources Company 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.