Citigroup Initiates Coverage on Novagold Resources (NYSEAMERICAN:NG)

Equities research analysts at Citigroup initiated coverage on shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage set a “buy” rating and a $7.00 price target on the mining company’s stock. Citigroup’s target price indicates a potential upside of 27.97% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. National Bank Financial upgraded shares of Novagold Resources to a “hold” rating in a research note on Friday, March 21st. Royal Bank Of Canada upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $5.00 to $7.00 in a report on Wednesday, June 4th.

Novagold Resources Stock Performance

NYSEAMERICAN NG opened at $5.47 on Wednesday. The firm has a market capitalization of $2.23 billion, a P/E ratio of -22.79 and a beta of 0.67. The firm’s fifty day moving average price is $4.14 and its two-hundred day moving average price is $3.58. Novagold Resources has a 1 year low of $2.26 and a 1 year high of $5.49. The company has a current ratio of 76.72, a quick ratio of 76.72 and a debt-to-equity ratio of 0.96.

Insiders Place Their Bets

In other news, Director Hume D. Kyle bought 10,000 shares of the firm’s stock in a transaction on Monday, June 30th. The stock was acquired at an average cost of $4.10 per share, with a total value of $41,000.00. Following the completion of the transaction, the director directly owned 22,348 shares of the company’s stock, valued at $91,626.80. This represents a 80.98% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.88% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Novagold Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kopernik Global Investors LLC increased its position in shares of Novagold Resources by 9.3% during the first quarter. Kopernik Global Investors LLC now owns 18,591,730 shares of the mining company’s stock valued at $54,288,000 after buying an additional 1,584,886 shares during the period. Vanguard Group Inc. increased its position in shares of Novagold Resources by 0.7% during the first quarter. Vanguard Group Inc. now owns 10,826,126 shares of the mining company’s stock valued at $31,603,000 after buying an additional 71,256 shares during the period. Geode Capital Management LLC increased its position in shares of Novagold Resources by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 3,067,144 shares of the mining company’s stock valued at $10,220,000 after buying an additional 20,218 shares during the period. Amundi increased its position in shares of Novagold Resources by 15.6% during the first quarter. Amundi now owns 2,790,399 shares of the mining company’s stock valued at $7,925,000 after buying an additional 375,697 shares during the period. Finally, Invesco Ltd. boosted its stake in Novagold Resources by 1.7% during the fourth quarter. Invesco Ltd. now owns 2,313,942 shares of the mining company’s stock valued at $7,705,000 after buying an additional 39,167 shares during the period. 57.56% of the stock is currently owned by institutional investors.

Novagold Resources Company Profile

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.