Novagold Resources (NYSEAMERICAN:NG) Now Covered by Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) in a research note issued to investors on Thursday, Marketbeat.com reports. The firm issued an overweight rating and a $13.80 target price on the mining company’s stock.

A number of other research analysts have also recently commented on NG. Zacks Research upgraded Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Canaccord Genuity Group initiated coverage on Novagold Resources in a research note on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price objective on the stock. Scotiabank initiated coverage on Novagold Resources in a research note on Friday, February 6th. They set a “sector outperform” rating on the stock. Royal Bank Of Canada reduced their price objective on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, March 19th. Finally, B. Riley Financial boosted their price objective on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $13.26.

Novagold Resources Price Performance

Shares of Novagold Resources stock opened at $9.34 on Thursday. Novagold Resources has a twelve month low of $2.47 and a twelve month high of $14.40. The stock has a market capitalization of $4.10 billion, a P/E ratio of -35.92 and a beta of 0.90. The company has a current ratio of 88.72, a quick ratio of 88.72 and a debt-to-equity ratio of 0.38. The business’s fifty day moving average price is $10.14 and its 200 day moving average price is $9.66.

Insider Activity

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

Institutional Trading of Novagold Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Van ECK Associates Corp increased its position in shares of Novagold Resources by 29.2% during the third quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company’s stock worth $71,802,000 after acquiring an additional 1,842,582 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Novagold Resources by 23.9% during the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock worth $128,840,000 after acquiring an additional 2,815,780 shares during the last quarter. Capital World Investors increased its position in shares of Novagold Resources by 12.8% during the third quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock worth $155,461,000 after acquiring an additional 2,000,000 shares during the last quarter. Alps Advisors Inc. increased its position in shares of Novagold Resources by 32.7% during the third quarter. Alps Advisors Inc. now owns 1,645,340 shares of the mining company’s stock worth $14,479,000 after acquiring an additional 405,843 shares during the last quarter. Finally, CapWealth Advisors LLC purchased a new stake in shares of Novagold Resources during the third quarter worth about $616,000. 57.56% of the stock is owned by hedge funds and other 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.