Novagold Resources Inc. (NYSEAMERICAN:NG) Receives Consensus Rating of “Buy” from Analysts

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has been assigned a consensus recommendation of “Buy” from the nine analysts that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $13.22.

A number of brokerages recently issued reports on NG. Morgan Stanley dropped their target price on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. Canaccord Genuity Group initiated coverage on shares of Novagold Resources in a report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price objective on the stock. Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Finally, Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th.

Hedge Funds Weigh In On Novagold Resources

Large investors have recently added to or reduced their stakes in the company. Cetera Investment Advisers increased its position in Novagold Resources by 2.7% in the 4th quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company’s stock valued at $431,000 after acquiring an additional 1,235 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of 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 during the last quarter. Sprott Inc. increased its holdings in shares of Novagold Resources by 12.7% in the fourth quarter. Sprott Inc. now owns 12,430 shares of the mining company’s stock valued at $116,000 after purchasing an additional 1,400 shares in the last quarter. Cooper Financial Group raised its position in Novagold Resources by 9.5% in the 2nd quarter. Cooper Financial Group now owns 29,933 shares of the mining company’s stock worth $179,000 after purchasing an additional 2,594 shares during the last quarter. Finally, Investment Management Corp of Ontario lifted its holdings in Novagold Resources by 18.6% during the 2nd quarter. Investment Management Corp of Ontario now owns 18,489 shares of the mining company’s stock worth $76,000 after buying an additional 2,900 shares in the last quarter. Institutional investors and hedge funds own 57.56% of the company’s stock.

Novagold Resources Trading Down 2.8%

Shares of NG stock opened at $5.18 on Friday. Novagold Resources has a 12 month low of $5.07 and a 12 month high of $14.40. The business’s 50 day moving average is $7.27 and its two-hundred day moving average is $9.01. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41. The company has a market cap of $2.27 billion, a PE ratio of -30.47 and a beta of 0.84.

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.