Novagold Resources (NYSEAMERICAN:NG) Upgraded at Zacks Research

Zacks Research upgraded shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) from a strong sell rating to a hold rating in a report released on Monday morning,Zacks.com reports.

A number of other brokerages have also issued reports on NG. Scotiabank started coverage on Novagold Resources in a research note on Friday, February 6th. They set a “sector outperform” rating for the company. Canaccord Genuity Group assumed coverage on shares of Novagold Resources in a report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 target price for the company. Royal Bank Of Canada dropped their price target on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, March 19th. Finally, B. Riley Financial increased their price objective on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.13.

Novagold Resources Stock Up 4.2%

Novagold Resources stock opened at $9.36 on Monday. Novagold Resources has a 52 week low of $2.26 and a 52 week high of $14.40. The stock has a market cap of $4.11 billion, a price-to-earnings ratio of -37.44 and a beta of 0.90. The company’s 50-day moving average price is $10.35 and its two-hundred day moving average price is $9.60. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02.

Insider Transactions at Novagold Resources

In other news, Director Dawn Patricia Whittaker acquired 4,000 shares of Novagold Resources stock in a transaction on Wednesday, February 4th. The stock was bought at an average cost of $9.36 per share, with a total value of $37,440.00. Following the completion of the purchase, the director owned 4,000 shares of the company’s stock, valued at $37,440. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.88% of the company’s stock.

Institutional Investors Weigh In On Novagold Resources

A number of large investors have recently made changes to their positions in the company. Van ECK Associates Corp increased its holdings in shares of Novagold Resources by 29.2% in the 3rd quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company’s stock valued at $71,802,000 after purchasing an additional 1,842,582 shares during the period. Vanguard Group Inc. lifted its position in shares of Novagold Resources by 23.9% in the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock worth $128,840,000 after purchasing an additional 2,815,780 shares in the last quarter. Capital World Investors boosted its holdings 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 purchasing an additional 2,000,000 shares during the period. Alps Advisors Inc. grew its position in Novagold Resources by 32.7% during the third quarter. Alps Advisors Inc. now owns 1,645,340 shares of the mining company’s stock valued at $14,479,000 after purchasing an additional 405,843 shares in the last quarter. Finally, CapWealth Advisors LLC purchased a new position in Novagold Resources during the third quarter valued at approximately $616,000. Institutional investors and hedge funds own 57.56% of the company’s stock.

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.