Novagold Resources (NYSEAMERICAN:NG) Research Coverage Started at BMO Capital Markets

BMO Capital Markets started coverage on shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) in a report released on Tuesday, Marketbeat reports. The brokerage issued an outperform rating on the mining company’s stock.

Other equities analysts also recently issued reports about the company. Citigroup increased their target price on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Zacks Research upgraded Novagold Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 21st. B. Riley raised their target price on Novagold Resources from $9.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Finally, National Bank Financial raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. Based on data from MarketBeat.com, Novagold Resources currently has an average rating of “Buy” and a consensus price target of $10.17.

Novagold Resources Stock Down 0.5%

NG stock opened at $7.84 on Tuesday. Novagold Resources has a one year low of $2.26 and a one year high of $10.90. The stock has a market capitalization of $3.19 billion, a PE ratio of -31.36 and a beta of 0.77. The company has a debt-to-equity ratio of 0.92, a quick ratio of 26.91 and a current ratio of 26.91. The company has a fifty day moving average of $8.28 and a 200-day moving average of $5.93.

Hedge Funds Weigh In On Novagold Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hantz Financial Services Inc. bought a new stake in Novagold Resources during the 3rd quarter valued at $40,000. Federated Hermes Inc. grew its position in Novagold Resources by 35.4% in the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock valued at $54,000 after buying an additional 1,610 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in Novagold Resources during the 1st quarter valued at about $29,000. Shepherd Financial Partners LLC bought a new stake in shares of Novagold Resources during the 2nd quarter worth about $41,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Novagold Resources in the 2nd quarter worth approximately $44,000. 57.56% of the stock is currently owned by institutional investors and hedge funds.

About Novagold Resources

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares 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.