Goehring & Rozencwajg Associates LLC Trims Stake in Novagold Resources Inc. $NG

Goehring & Rozencwajg Associates LLC cut its stake in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 13.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 692,741 shares of the mining company’s stock after selling 107,085 shares during the period. Goehring & Rozencwajg Associates LLC owned 0.16% of Novagold Resources worth $6,221,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Principal Financial Group Inc. raised its position in shares of Novagold Resources by 32,405.9% in the 1st quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company’s stock worth $51,380,000 after acquiring an additional 5,704,403 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Novagold Resources during the first quarter valued at approximately $950,000. Redwood Wealth Management Group LLC bought a new stake in shares of Novagold Resources during the first quarter valued at approximately $404,000. Pictet Asset Management Holding SA grew its stake in Novagold Resources by 6.3% in the first quarter. Pictet Asset Management Holding SA now owns 63,523 shares of the mining company’s stock worth $570,000 after purchasing an additional 3,769 shares during the period. Finally, Invesco Ltd. grew its stake in Novagold Resources by 3.4% in the fourth quarter. Invesco Ltd. now owns 186,983 shares of the mining company’s stock worth $1,743,000 after purchasing an additional 6,154 shares during the period. 57.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Morgan Stanley lowered their price objective on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. Canaccord Genuity Group started coverage on shares of Novagold Resources in a research note on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 price target for the company. Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, Royal Bank Of Canada decreased their price target on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, March 19th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Novagold Resources currently has a consensus rating of “Buy” and an average target price of $13.22.

Novagold Resources Trading Down 3.4%

Shares of NYSEAMERICAN:NG opened at $5.70 on Thursday. The stock has a 50 day moving average of $7.41 and a 200 day moving average of $9.07. The company has a market cap of $2.50 billion, a PE ratio of -33.53 and a beta of 0.84. Novagold Resources Inc. has a 12-month low of $4.99 and a 12-month high of $14.40. The company has a current ratio of 112.82, a quick ratio of 112.82 and a debt-to-equity ratio of 0.41.

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.