Brokerages Set Novagold Resources Inc. (NYSEAMERICAN:NG) Price Target at $10.17

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) have received an average recommendation of “Moderate Buy” from the six ratings firms that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $10.1667.

A number of brokerages recently weighed in on NG. National Bank Financial raised Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. BMO Capital Markets began coverage on shares of Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating on the stock. Citigroup boosted their price target on shares of Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a report on Wednesday, October 15th. B. Riley upped their price target on Novagold Resources from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Finally, Zacks Research downgraded Novagold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th.

Institutional Trading of Novagold Resources

Institutional investors have recently made changes to their positions in the stock. Amitell Capital Pte Ltd bought a new stake in Novagold Resources in the second quarter worth approximately $2,355,000. Teacher Retirement System of Texas lifted its stake in shares of Novagold Resources by 518.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 4,770,816 shares of the mining company’s stock valued at $19,513,000 after purchasing an additional 4,000,000 shares during the last quarter. Nova R Wealth Inc. bought a new stake in Novagold Resources in the second quarter worth $160,000. Vanguard Group Inc. boosted its holdings in Novagold Resources by 0.7% in the first quarter. Vanguard Group Inc. now owns 10,826,126 shares of the mining company’s stock worth $31,603,000 after purchasing an additional 71,256 shares in the last quarter. Finally, Abel Hall LLC acquired a new position in Novagold Resources during the second quarter worth $47,000. 57.56% of the stock is currently owned by institutional investors and hedge funds.

Novagold Resources Price Performance

NYSEAMERICAN NG opened at $9.43 on Wednesday. Novagold Resources has a 1 year low of $2.26 and a 1 year high of $10.90. The business’s fifty day moving average is $9.10 and its two-hundred day moving average is $7.41. The stock has a market capitalization of $3.84 billion, a P/E ratio of -37.72 and a beta of 0.81. The company has a debt-to-equity ratio of 0.92, a quick ratio of 26.91 and a current ratio of 26.91.

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.