Novagold Resources (NYSEAMERICAN:NG) Price Target Raised to $13.00

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) had its target price boosted by B. Riley from $11.00 to $13.00 in a report released on Tuesday morning,Benzinga reports. B. Riley currently has a buy rating on the mining company’s stock.

A number of other analysts have also recently commented on the company. BMO Capital Markets started coverage on Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating for the company. Zacks Research downgraded shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Citigroup increased 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. Finally, National Bank Financial upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Five 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 presently has an average rating of “Moderate Buy” and an average price target of $10.83.

Novagold Resources Price Performance

Shares of NYSEAMERICAN:NG opened at $10.98 on Tuesday. Novagold Resources has a 52 week low of $2.26 and a 52 week high of $12.09. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02. The company’s fifty day moving average is $9.90 and its 200 day moving average is $8.26. The stock has a market cap of $4.47 billion, a PE ratio of -43.92 and a beta of 0.83.

Institutional Investors Weigh In On Novagold Resources

A number of large investors have recently bought and sold shares of NG. Lingotto Investment Management LLP increased its holdings in Novagold Resources by 60.7% in the second quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock valued at $142,753,000 after buying an additional 13,180,065 shares in the last quarter. Teacher Retirement System of Texas grew its position in shares of Novagold Resources by 518.9% during 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 acquiring an additional 4,000,000 shares during the period. Vanguard Group Inc. increased its stake in shares of Novagold Resources by 23.9% in the 3rd quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after purchasing an additional 2,815,780 shares in the last quarter. UBS Group AG raised its holdings in Novagold Resources by 21.9% in the 3rd quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock worth $119,837,000 after purchasing an additional 2,443,511 shares during the period. Finally, Bank of America Corp DE boosted its position in Novagold Resources by 520.9% during the second quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock worth $11,886,000 after purchasing an additional 2,438,052 shares in the last quarter. Hedge funds and other institutional investors 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.