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

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) have earned an average recommendation of “Moderate Buy” from the six analysts that are currently covering the stock, Marketbeat.com 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 target price among brokers that have issued ratings on the stock in the last year is $10.1667.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Lingotto Investment Management LLP boosted its position in Novagold Resources by 60.7% during the 2nd quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock worth $142,753,000 after acquiring an additional 13,180,065 shares during the period. Kopernik Global Investors LLC lifted its position in shares of Novagold Resources by 2.8% in the second quarter. Kopernik Global Investors LLC now owns 19,115,209 shares of the mining company’s stock worth $78,181,000 after purchasing an additional 523,479 shares in the last quarter. Capital World Investors boosted its holdings in shares of Novagold Resources by 12.8% during the third quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock worth $155,461,000 after purchasing an additional 2,000,000 shares during the period. Vanguard Group Inc. grew its position in Novagold Resources by 23.9% during the third 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. Finally, UBS Group AG grew its position in Novagold Resources by 21.9% during the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after purchasing an additional 2,443,511 shares in the last quarter. 57.56% of the stock is owned by institutional investors and hedge funds.

Novagold Resources Price Performance

Shares of NYSEAMERICAN:NG opened at $10.18 on Wednesday. The company has a market capitalization of $4.14 billion, a PE ratio of -40.72 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. The stock has a fifty day moving average of $9.10 and a 200-day moving average of $7.34. Novagold Resources has a one year low of $2.26 and a one year high of $10.90.

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.