NovaGold Resources (TSE:NG) Hits New 1-Year High – Here’s Why

Shares of NovaGold Resources Inc. (TSE:NG) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as C$16.16 and last traded at C$14.65, with a volume of 395464 shares. The stock had previously closed at C$16.00.

Analysts Set New Price Targets

NG has been the subject of a number of recent analyst reports. Scotiabank set a C$21.00 price objective on NovaGold Resources and gave the stock an “outperform” rating in a research note on Friday, February 6th. National Bank Financial raised NovaGold Resources from a “sector perform” rating to an “outperform” rating and set a C$15.00 price target on the stock in a report on Thursday, October 30th. Finally, BMO Capital Markets raised shares of NovaGold Resources to a “strong-buy” rating in a report on Tuesday, November 4th. Three equities research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Strong Buy” and a consensus price target of C$18.00.

NovaGold Resources Price Performance

The business has a 50-day moving average of C$13.63 and a 200 day moving average of C$11.89. The company has a market capitalization of C$6.41 billion, a PE ratio of -58.52 and a beta of 2.15.

NovaGold Resources (TSE:NG) last released its quarterly earnings data on Thursday, January 22nd. The company reported C($0.05) earnings per share (EPS) for the quarter.

Insiders Place Their Bets

In other NovaGold Resources news, Director Dawn Patricia Whittaker purchased 4,000 shares of NovaGold Resources stock in a transaction that occurred on Wednesday, February 4th. The shares were bought at an average price of C$12.79 per share, for a total transaction of C$51,160.00. Following the completion of the transaction, the director owned 4,000 shares of the company’s stock, valued at approximately C$51,160. This trade represents a ? increase in their position. Corporate insiders own 26.46% of the company’s stock.

NovaGold Resources Company Profile

Novagold Resources Inc is a mineral exploration company engaged in the exploration and development of mineral properties. The company owns 50% of the Donlin Gold project, which is located in southwestern Alaska, approximately 20 kilometers north of the village of Crooked Creek on the Kuskokwim River.