Novagold Resources (NYSEAMERICAN:NG) Price Target Lowered to $14.00 at Royal Bank Of Canada

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) had its price target reduced by Royal Bank Of Canada from $18.00 to $14.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an outperform rating on the mining company’s stock.

A number of other research analysts also recently weighed in on NG. Scotiabank initiated coverage on shares of Novagold Resources in a research report on Friday, February 6th. They set a “sector outperform” rating for the company. B. Riley Financial lifted their price target on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Finally, Zacks Research downgraded Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Novagold Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.17.

Novagold Resources Price Performance

Shares of NYSEAMERICAN:NG opened at $7.90 on Thursday. The company has a market capitalization of $3.47 billion, a P/E ratio of -31.60 and a beta of 0.75. The company’s 50-day moving average is $10.69 and its 200 day moving average is $9.49. The company has a debt-to-equity ratio of 1.02, a quick ratio of 23.79 and a current ratio of 23.79. Novagold Resources has a fifty-two week low of $2.26 and a fifty-two week high of $14.40.

Insider Activity

In other news, Director Dawn Patricia Whittaker acquired 4,000 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was bought at an average cost of $9.36 per share, for a total transaction of $37,440.00. Following the completion of the transaction, the director owned 4,000 shares of the company’s stock, valued at $37,440. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.88% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NG. Invesco Ltd. lifted its position in Novagold Resources by 3.4% during the fourth quarter. Invesco Ltd. now owns 186,983 shares of the mining company’s stock valued at $1,743,000 after purchasing an additional 6,154 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Novagold Resources in the 4th quarter worth $121,000. Mackenzie Financial Corp increased its holdings in shares of Novagold Resources by 73.0% in the 4th quarter. Mackenzie Financial Corp now owns 368,038 shares of the mining company’s stock worth $3,465,000 after buying an additional 155,336 shares during the last quarter. Empowered Funds LLC raised its position in shares of Novagold Resources by 70.6% during the 4th quarter. Empowered Funds LLC now owns 30,978 shares of the mining company’s stock valued at $289,000 after buying an additional 12,816 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Novagold Resources by 2.5% during the 4th quarter. Wellington Management Group LLP now owns 1,273,964 shares of the mining company’s stock valued at $11,873,000 after buying an additional 30,528 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors.

About Novagold Resources

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.