NovaGold Resources (TSE:NG) Posts Quarterly Earnings Results

NovaGold Resources (TSE:NG) released its quarterly earnings data on Wednesday. The company reported C($0.06) EPS for the quarter, RTT News reports.

NovaGold Resources Stock Down 14.4%

Shares of TSE:NG traded down C$1.48 during mid-day trading on Wednesday, reaching C$8.80. 1,139,767 shares of the stock were exchanged, compared to its average volume of 657,970. The stock’s 50 day simple moving average is C$11.53 and its 200-day simple moving average is C$13.02. NovaGold Resources has a one year low of C$4.97 and a one year high of C$19.69. The company has a market cap of C$3.86 billion, a P/E ratio of -33.85 and a beta of 3.41.

Wall Street Analyst Weigh In

NG has been the topic of several research analyst reports. Scotiabank upgraded shares of NovaGold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Canaccord Genuity Group raised shares of NovaGold Resources to a “moderate buy” rating in a research report on Thursday, March 26th. Three investment analysts have rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Strong Buy” and an average price target of C$18.00.

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.