Novagold Resources Inc. (NG) – What Are Brokerages Thinking About This Stock?

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

Several equities analysts have recently weighed in on the company. B. Riley Financial initiated coverage on Novagold Resources in a research report on Monday, August 3rd. They issued a “buy” rating and a $9.00 price target for the company. Morgan Stanley cut their price objective on shares of Novagold Resources from $13.60 to $13.00 and set an “overweight” rating for the company in a research note on Wednesday, October 7th.

Institutional Investors Weigh In On Novagold Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC lifted its position in Novagold Resources by 91.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,851 shares of the mining company’s stock valued at $32,000 after acquiring an additional 2,322 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Novagold Resources by 44.1% in the 3rd quarter. Versant Capital Management Inc now owns 7,779 shares of the mining company’s stock worth $51,000 after buying an additional 2,380 shares during the period. Cooper Financial Group grew its position in shares of Novagold Resources by 9.5% during the second quarter. Cooper Financial Group now owns 29,933 shares of the mining company’s stock worth $179,000 after purchasing an additional 2,594 shares in the last quarter. GAMMA Investing LLC grew its holdings in Novagold Resources by 179.9% during the 3rd quarter. GAMMA Investing LLC now owns 4,375 shares of the mining company’s stock valued at $28,000 after buying an additional 2,812 shares in the last quarter. Finally, TD Waterhouse Canada Inc. increased its holdings in Novagold Resources by 41.1% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 10,300 shares of the mining company’s stock valued at $63,000 after acquiring an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Novagold Resources Stock Performance

Shares of NG stock opened at $6.52 on Tuesday. The firm has a 50-day moving average of $7.53 and a 200-day moving average of $7.59. The company has a market cap of $2.86 billion, a P/E ratio of -31.05 and a beta of 0.95. Novagold Resources has a one year low of $5.07 and a one year high of $14.40. The company has a debt-to-equity ratio of 0.46, a current ratio of 44.51 and a quick ratio of 44.51.

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

About Novagold Resources

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.