Novagold Resources (NYSEAMERICAN:NG) Upgraded to “Strong-Buy” at Scotiabank

Scotiabank upgraded shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) to a strong-buy rating in a report released on Wednesday morning,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. B. Riley Financial boosted their target price on shares of Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Royal Bank Of Canada cut their target price on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, March 19th. Canaccord Genuity Group began coverage on shares of Novagold Resources in a research note on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 target price for the company. Morgan Stanley began coverage on shares of Novagold Resources in a research note on Thursday, April 9th. They issued an “overweight” rating and a $13.80 target price for the company. Finally, Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Novagold Resources presently has a consensus rating of “Buy” and an average target price of $13.26.

Novagold Resources Price Performance

Novagold Resources stock opened at $9.03 on Wednesday. Novagold Resources has a 52 week low of $3.37 and a 52 week high of $14.40. The company has a quick ratio of 88.72, a current ratio of 88.72 and a debt-to-equity ratio of 0.38. The firm’s 50-day simple moving average is $9.87 and its 200 day simple moving average is $9.66. The firm has a market capitalization of $3.96 billion, a PE ratio of -34.73 and a beta of 0.76.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Cetera Investment Advisers increased its stake in shares of Novagold Resources by 2.7% during 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 during the last quarter. Ameritas Investment Partners Inc. increased its stake 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 acquiring an additional 1,287 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Novagold Resources by 1.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock valued at $652,000 after acquiring an additional 1,299 shares during the last quarter. Sprott Inc. increased its stake in shares of Novagold Resources by 12.7% during the 4th quarter. Sprott Inc. now owns 12,430 shares of the mining company’s stock valued at $116,000 after acquiring an additional 1,400 shares during the last quarter. Finally, Federated Hermes Inc. increased its stake in shares of Novagold Resources by 35.4% during the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock valued at $54,000 after acquiring an additional 1,610 shares during the last quarter. Institutional investors and hedge funds own 57.56% of the company’s stock.

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.