Novagold Resources (NYSEAMERICAN:NG) Stock Rating Upgraded by Canaccord Genuity Group

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) was upgraded by research analysts at Canaccord Genuity Group to a “moderate buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

A number of other brokerages have also issued reports on NG. Scotiabank started coverage on Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating for the company. B. Riley Financial lifted their target price on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Zacks Research lowered Novagold Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. 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. Seven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.13.

Novagold Resources Trading Up 6.0%

Shares of NYSEAMERICAN:NG opened at $8.19 on Thursday. The company has a market cap of $3.59 billion, a PE ratio of -32.76 and a beta of 0.75. The company’s 50-day moving average price is $10.43 and its 200 day moving average price is $9.54. Novagold Resources has a fifty-two week low of $2.26 and a fifty-two week high of $14.40. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02.

Insider Activity

In related news, Director Dawn Patricia Whittaker acquired 4,000 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was acquired at an average cost of $9.36 per share, for a total transaction of $37,440.00. Following the completion of the acquisition, the director directly owned 4,000 shares of the company’s stock, valued at approximately $37,440. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.88% of the stock is owned by company insiders.

Institutional Investors Weigh In On Novagold Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Electrum Group LLC bought a new position in Novagold Resources during the 4th quarter valued at $865,854,000. Lingotto Investment Management LLP raised its stake in shares of Novagold Resources by 60.7% in the 2nd quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock worth $142,753,000 after buying an additional 13,180,065 shares in the last quarter. Kopernik Global Investors LLC lifted its holdings 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 valued at $78,181,000 after buying an additional 523,479 shares during the period. Capital World Investors lifted its holdings in shares of Novagold Resources by 12.8% in the third quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock valued at $155,461,000 after buying an additional 2,000,000 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Novagold Resources by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 14,760,990 shares of the mining company’s stock valued at $137,647,000 after buying an additional 173,474 shares in the last quarter. Institutional investors own 57.56% of the company’s stock.

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.