Novagold Resources Inc. (NYSEAMERICAN:NG) Stock Rated “Buy” by Sell-Side Brokerages

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) have been assigned an average rating of “Buy” from the eight analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $12.25.

NG has been the topic of a number of research analyst reports. B. Riley Financial initiated coverage on shares of Novagold Resources in a report on Monday, August 3rd. They set a “buy” rating and a $9.00 price objective on the stock. Morgan Stanley lowered their target price on shares of Novagold Resources from $13.60 to $13.00 and set an “overweight” rating for the company in a report on Wednesday, October 7th.

Novagold Resources Price Performance

Shares of NYSEAMERICAN NG opened at $5.98 on Tuesday. The stock’s 50-day simple moving average is $7.36 and its 200-day simple moving average is $8.34. The firm has a market capitalization of $2.62 billion, a PE ratio of -28.47 and a beta of 0.95. Novagold Resources has a fifty-two week low of $5.07 and a fifty-two week high of $14.40. The company has a debt-to-equity ratio of 0.46, a quick ratio of 44.51 and a current ratio of 44.51.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its quarterly earnings results on Thursday, October 8th. The mining company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). As a group, equities research analysts forecast that Novagold Resources will post -0.18 EPS for the current fiscal year.

Hedge Funds Weigh In On Novagold Resources

Several large investors have recently bought and sold shares of NG. Sunbelt Securities Inc. grew its holdings in shares of Novagold Resources by 34,166.7% during the first quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company’s stock worth $28,000 after purchasing an additional 3,075 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Novagold Resources by 179.9% during the third quarter. GAMMA Investing LLC now owns 4,375 shares of the mining company’s stock worth $28,000 after purchasing an additional 2,812 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Novagold Resources by 91.8% during the third quarter. Farther Finance Advisors LLC now owns 4,851 shares of the mining company’s stock worth $32,000 after purchasing an additional 2,322 shares in the last quarter. Harbor Investment Advisory LLC purchased a new stake in shares of Novagold Resources in the 2nd quarter valued at about $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Novagold Resources in the 3rd quarter valued at about $49,000. Institutional investors and hedge funds own 57.56% of the company’s stock.

Novagold Resources Company Profile

NovaGold Resources Inc is a Canadian precious metals exploration and development company focused primarily on advancing large-scale gold projects in North America. The company does not currently operate producing mines; its activities center on exploration, technical studies, permitting, project development and working with partners to advance mineral assets.

NovaGold’s principal asset is the Donlin Gold project in southwest Alaska, one of the largest undeveloped gold deposits in the world.