Novagold Resources Inc. $NG is Kopernik Global Investors LLC’s 8th Largest Position

Kopernik Global Investors LLC reduced its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 22.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,511,729 shares of the mining company’s stock after selling 1,917,650 shares during the quarter. Novagold Resources accounts for approximately 4.1% of Kopernik Global Investors LLC’s portfolio, making the stock its 8th largest holding. Kopernik Global Investors LLC owned about 1.48% of Novagold Resources worth $58,475,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of NG. Torren Management LLC bought a new stake in shares of Novagold Resources in the 4th quarter valued at about $27,000. Leonteq Securities AG purchased a new position in Novagold Resources in the 4th quarter worth approximately $38,000. Cubist Systematic Strategies LLC purchased a new position in Novagold Resources in the 1st quarter worth approximately $44,000. Kestra Advisory Services LLC bought a new stake in Novagold Resources in the fourth quarter valued at approximately $47,000. Finally, TD Waterhouse Canada Inc. lifted its position in Novagold Resources by 307.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock valued at $49,000 after purchasing an additional 4,000 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Key Headlines Impacting Novagold Resources

Here are the key news stories impacting Novagold Resources this week:

• Positive Sentiment: NOVAGOLD agreed to acquire Paulson Advisers’ remaining 40% stake in Donlin Gold in an all-share deal, giving it 100% ownership of one of North America’s largest undeveloped gold deposits. Investors may view the move as simplifying the project and improving its long-term development outlook. NOVAGOLD Enters Into Definitive Agreements to Acquire 100% of Donlin Gold
• Positive Sentiment: The company said the transaction is accretive on key metrics and creates a leading U.S.-domiciled gold developer with an estimated US$4.2 billion equity value, which could support a stronger valuation for NOVAGOLD. Reuters article on the $4.2 billion deal
• Neutral Sentiment: NOVAGOLD also reported a quarterly loss of $0.06 per share, which was in line with the company’s development-stage profile but does not appear to be the main driver of today’s stock move. NOVAGOLD quarterly earnings report
• Negative Sentiment: A shareholder rights law firm said it is investigating whether NOVAGOLD secured a fair price in the Donlin Gold transaction, which could raise legal or governance concerns for investors. Halper Sadeh investor investigation

Analyst Ratings Changes

Several research analysts have recently issued reports on NG shares. Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Morgan Stanley cut their price target on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. Finally, Canaccord Genuity Group initiated coverage on shares of Novagold Resources in a research note on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $13.22.

Novagold Resources Price Performance

Shares of NG stock opened at $6.21 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82. Novagold Resources Inc. has a fifty-two week low of $5.07 and a fifty-two week high of $14.40. The firm has a market cap of $2.72 billion, a P/E ratio of -36.53 and a beta of 0.84. The business’s 50 day moving average price is $7.07 and its 200-day moving average price is $8.92.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. On average, equities research analysts anticipate that Novagold Resources Inc. will post -0.18 earnings per share for the current year.

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.