CapWealth Advisors LLC Takes Position in Novagold Resources Inc. $NG

CapWealth Advisors LLC bought a new position in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 70,000 shares of the mining company’s stock, valued at approximately $616,000.

Several other hedge funds have also bought and sold shares of NG. Amitell Capital Pte Ltd bought a new position in shares of Novagold Resources in the second quarter valued at $2,355,000. Teacher Retirement System of Texas raised its holdings in shares of Novagold Resources by 518.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 4,770,816 shares of the mining company’s stock worth $19,513,000 after acquiring an additional 4,000,000 shares during the last quarter. Nova R Wealth Inc. bought a new position in Novagold Resources in the 2nd quarter valued at about $160,000. Abel Hall LLC bought a new position in Novagold Resources in the 2nd quarter valued at about $47,000. Finally, Allworth Financial LP boosted its stake in Novagold Resources by 206.7% during the 2nd quarter. Allworth Financial LP now owns 15,815 shares of the mining company’s stock valued at $65,000 after purchasing an additional 10,659 shares during the last quarter. Institutional investors and hedge funds own 57.56% of the company’s stock.

Novagold Resources Stock Performance

Shares of NG stock opened at $9.32 on Friday. 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 firm has a market cap of $3.79 billion, a price-to-earnings ratio of -37.28 and a beta of 0.84. Novagold Resources Inc. has a 52 week low of $2.26 and a 52 week high of $10.90. The firm’s 50-day simple moving average is $9.13 and its two-hundred day simple moving average is $7.44.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NG. BMO Capital Markets started coverage on Novagold Resources in a research note on Tuesday, November 4th. They issued an “outperform” rating for the company. B. Riley upped their price target on Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Citigroup raised their price objective on Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Zacks Research lowered shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Finally, National Bank Financial upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $10.17.

Novagold Resources 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.