Novagold Resources Inc. (NYSEAMERICAN:NG) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) have been given a consensus recommendation of “Buy” by the nine ratings firms that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $13.26.

Several research firms have commented on NG. Canaccord Genuity Group began coverage on 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. Morgan Stanley began coverage on Novagold Resources in a research note on Thursday, April 9th. They set an “overweight” rating and a $13.80 price objective for the company. B. Riley Financial upped their price objective on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Royal Bank Of Canada reduced their price objective 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. Finally, Scotiabank raised Novagold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th.

Hedge Funds Weigh In On Novagold Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cetera Investment Advisers increased its position in Novagold Resources by 2.7% during the 4th quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company’s stock worth $431,000 after purchasing an additional 1,235 shares during the period. Ameritas Investment Partners Inc. increased its position in Novagold Resources by 5.4% during the 3rd quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock worth $223,000 after purchasing an additional 1,287 shares during the period. Public Employees Retirement System of Ohio increased its position in Novagold Resources by 1.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock worth $652,000 after purchasing an additional 1,299 shares during the period. Sprott Inc. increased its position in Novagold Resources by 12.7% during the 4th quarter. Sprott Inc. now owns 12,430 shares of the mining company’s stock worth $116,000 after purchasing an additional 1,400 shares during the period. Finally, Federated Hermes Inc. increased its position in Novagold Resources by 35.4% during the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock worth $54,000 after purchasing an additional 1,610 shares during the period. Institutional investors and hedge funds own 57.56% of the company’s stock.

Novagold Resources Stock Down 0.4%

NG opened at $7.73 on Friday. The business has a 50 day moving average price of $8.90 and a two-hundred day moving average price of $9.63. The company has a quick ratio of 88.72, a current ratio of 88.72 and a debt-to-equity ratio of 0.38. The company has a market cap of $3.39 billion, a PE ratio of -29.73 and a beta of 0.76. Novagold Resources has a 52 week low of $3.41 and a 52 week high of $14.40.

About Novagold Resources

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.