Novagold Resources Inc. (NYSEAMERICAN:NG) Given Average Recommendation of “Buy” by Brokerages

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has earned an average recommendation of “Buy” from the nine analysts that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $12.42.

A number of brokerages have recently commented on NG. B. Riley Financial assumed coverage on Novagold Resources in a research note on Monday, August 3rd. They issued a “buy” rating and a $9.00 price target for the company. Morgan Stanley decreased their price objective 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. Finally, Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th.

Novagold Resources Stock Performance

NG opened at $8.75 on Monday. Novagold Resources has a 1-year low of $5.07 and a 1-year high of $14.40. The firm has a 50-day moving average price of $6.82 and a two-hundred day moving average price of $8.45. The stock has a market capitalization of $3.84 billion, a PE ratio of -51.47 and a beta of 0.85. 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 quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share (EPS) for the quarter. As a group, equities analysts anticipate that Novagold Resources will post -0.16 earnings per share for the current fiscal year.

Institutional Trading of Novagold Resources

Several hedge funds and other institutional investors have recently modified their holdings of the company. Corient Private Wealth LP bought a new stake in Novagold Resources in the 2nd quarter valued at approximately $907,000. Groupe la Francaise grew its stake in shares of Novagold Resources by 23.1% during the 2nd quarter. Groupe la Francaise now owns 400,000 shares of the mining company’s stock worth $2,393,000 after acquiring an additional 75,000 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Novagold Resources by 87.9% during the 2nd quarter. California State Teachers Retirement System now owns 28,668 shares of the mining company’s stock worth $171,000 after acquiring an additional 13,411 shares in the last quarter. AlphaGrep UK Ltd acquired a new stake in shares of Novagold Resources in the second quarter valued at approximately $66,000. Finally, TD Waterhouse Canada Inc. raised its holdings in shares of Novagold Resources by 41.1% in the second quarter. TD Waterhouse Canada Inc. now owns 10,300 shares of the mining company’s stock valued at $63,000 after purchasing an additional 3,000 shares during the last quarter. 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.