Scotiabank Initiates Coverage on Novagold Resources (NYSEAMERICAN:NG)

Investment analysts at Scotiabank started coverage on shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) in a research report issued on Friday, MarketBeat.com reports. The firm set a “sector outperform” rating on the mining company’s stock.

A number of other research firms also recently issued reports on NG. Citigroup lifted their price objective on shares of Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th. B. Riley Financial upped their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. Zacks Research downgraded Novagold Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Finally, BMO Capital Markets began coverage on Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating on the stock. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Novagold Resources presently has an average rating of “Moderate Buy” and a consensus price target of $10.83.

Novagold Resources Stock Performance

Shares of NG opened at $9.19 on Friday. Novagold Resources has a one year low of $2.26 and a one year high of $12.09. The company has a market cap of $3.74 billion, a PE ratio of -36.76 and a beta of 0.82. The stock has a 50-day moving average of $9.85 and a 200-day moving average of $8.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79.

Insider Activity

In other news, Director Dawn Patricia Whittaker acquired 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The stock was bought at an average price of $9.36 per share, with a total value of $37,440.00. Following the completion of the acquisition, the director directly owned 4,000 shares of the company’s stock, valued at approximately $37,440. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.88% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Novagold Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. lifted its position in shares of Novagold Resources by 5.4% during the 3rd quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock valued at $223,000 after buying an additional 1,287 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Novagold Resources by 1.8% during the third quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock valued at $652,000 after purchasing an additional 1,299 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Novagold Resources by 35.4% during the third quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock valued at $54,000 after purchasing an additional 1,610 shares in the last quarter. Robertson Stephens Wealth Management LLC boosted its position in shares of Novagold Resources by 0.7% in the second quarter. Robertson Stephens Wealth Management LLC now owns 289,101 shares of the mining company’s stock worth $1,182,000 after purchasing an additional 1,868 shares during the period. Finally, CWM LLC increased its stake in shares of Novagold Resources by 20.3% in the second quarter. CWM LLC now owns 12,688 shares of the mining company’s stock worth $52,000 after purchasing an additional 2,137 shares in the last quarter. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

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.