CapWealth Advisors LLC Invests $616,000 in Novagold Resources Inc. $NG

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

A number of other hedge funds also recently bought and sold shares of NG. Shepherd Financial Partners LLC purchased a new position in shares of Novagold Resources during the 2nd quarter valued at approximately $41,000. Quadrature Capital Ltd purchased a new stake in shares of Novagold Resources during the second quarter worth about $44,000. Cubist Systematic Strategies LLC acquired a new position in shares of Novagold Resources during the 1st quarter worth about $44,000. Abel Hall LLC acquired a new position in shares of Novagold Resources during the 2nd quarter worth about $47,000. Finally, CWM LLC lifted its stake in Novagold Resources by 20.3% in the 2nd quarter. CWM LLC now owns 12,688 shares of the mining company’s stock valued at $52,000 after buying an additional 2,137 shares in the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Wall Street Analyst Weigh In

NG has been the subject of several research reports. B. Riley boosted their price objective on Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. BMO Capital Markets initiated coverage on shares of Novagold Resources in a research note on Tuesday, November 4th. They set an “outperform” rating for the company. Zacks Research downgraded shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Citigroup boosted their target price on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Finally, National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 29th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $10.17.

Novagold Resources Price Performance

Novagold Resources stock opened at $9.99 on Thursday. The company has a market cap of $4.07 billion, a P/E ratio of -39.96 and a beta of 0.83. Novagold Resources Inc. has a one year low of $2.26 and a one year high of $10.90. The business has a fifty day moving average of $9.64 and a two-hundred day moving average of $8.03. The company has a debt-to-equity ratio of 0.92, a quick ratio of 26.91 and a current ratio of 26.91.

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.