Novagold Resources (NYSEAMERICAN:NG) Now Covered by Citigroup

Citigroup initiated coverage on shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) in a research note released on Friday, MarketBeat reports. The brokerage issued a buy rating and a $12.50 price target on the mining company’s stock.

Several other equities research analysts have also weighed in on NG. B. Riley Financial began coverage on Novagold Resources in a research report on Monday, August 3rd. They set a “buy” rating and a $9.00 price target on the stock. Morgan Stanley decreased their price objective on Novagold Resources from $13.60 to $13.00 and set an “overweight” rating for the company in a report on Wednesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Novagold Resources currently has an average rating of “Buy” and an average price target of $12.30.

Novagold Resources Stock Up 5.4%

NG traded up $0.33 on Friday, hitting $6.40. The company had a trading volume of 3,239,863 shares, compared to its average volume of 4,091,000. 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 has a 52-week low of $5.07 and a 52-week high of $14.40. The stock has a fifty day simple moving average of $6.89 and a 200-day simple moving average of $8.16. The firm has a market capitalization of $2.81 billion, a P/E ratio of -30.47 and a beta of 0.97.

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

Hedge Funds Weigh In On Novagold Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. boosted its position in shares of Novagold Resources by 34,166.7% in the 1st 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 in the last quarter. GAMMA Investing LLC increased its position 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. Farther Finance Advisors LLC increased its position in Novagold Resources by 91.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,851 shares of the mining company’s stock valued at $32,000 after buying an additional 2,322 shares in the last quarter. Pinnacle Wealth Planning Services Inc. raised its stake in Novagold Resources by 6,221.2% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 5,057 shares of the mining company’s stock valued at $33,000 after buying an additional 4,977 shares during the last quarter. Finally, Harbor Investment Advisory LLC purchased a new position in Novagold Resources during the second quarter valued at $33,000. Institutional investors 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.