Novagold Resources (NYSEAMERICAN:NG) Issues Earnings Results, Misses Expectations By $0.01 EPS

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) announced its quarterly earnings results on Thursday. The mining company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.01), FiscalAI reports.

Novagold Resources Trading Down 3.9%

Shares of NG opened at $6.36 on Thursday. The firm’s fifty day moving average is $7.54 and its two-hundred day moving average is $7.68. The stock has a market cap of $2.79 billion, a PE ratio of -37.41 and a beta of 0.95. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41. Novagold Resources has a 52-week low of $5.07 and a 52-week high of $14.40.

Wall Street Analysts Forecast Growth

NG has been the subject of several recent analyst reports. B. Riley Financial began coverage on Novagold Resources in a report on Monday, August 3rd. They issued a “buy” rating and a $9.00 price target for the company. Morgan Stanley cut their price target on Novagold Resources from $13.60 to $13.00 and set an “overweight” rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $12.30.

About Novagold Resources

Novagold Resources Inc is a Canada-based precious metals exploration and development company focused on advancing the Donlin Gold project in southwest Alaska. The project is held through Donlin Gold LLC, which is owned equally by Novagold and Barrick Gold Corporation. Donlin Gold is one of the largest undeveloped gold deposits in the world and is located on lands owned by the Calista Corporation and The Kuskokwim Corporation.

Novagold does not currently operate producing mines. Its primary activities include project evaluation, permitting, technical studies, exploration, and community and stakeholder engagement related to Donlin Gold.