NovaGold Resources (TSE:NG) Stock Rated Strong-Buy in New Coverage at Citigroup

Research analysts at Citigroup assumed coverage on shares of NovaGold Resources (TSE:NG) in a research report issued on Friday, Zacks reports. The brokerage set a “strong-buy” rating on the stock.

Separately, B. Riley Financial upgraded shares of NovaGold Resources to a “strong-buy” rating in a research report on Monday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. Based on data from MarketBeat, NovaGold Resources currently has a consensus rating of “Strong Buy” and a consensus price target of C$21.00.

NovaGold Resources Stock Up 5.9%

Shares of TSE NG traded up C$0.50 during midday trading on Friday, hitting C$9.04. The company had a trading volume of 491,770 shares, compared to its average volume of 679,292. NovaGold Resources has a twelve month low of C$7.12 and a twelve month high of C$19.69. The business has a 50-day simple moving average of C$9.67 and a two-hundred day simple moving average of C$11.30. The firm has a market capitalization of C$3.97 billion, a price-to-earnings ratio of -43.05 and a beta of 4.20.

About NovaGold Resources

NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories (560 million tonnes at an average grade of approximately 2.22 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)5, inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world.