Novagold Resources (NYSEAMERICAN:NG) Upgraded at Scotiabank

Scotiabank upgraded shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) to a strong-buy rating in a report published on Wednesday,Zacks.com reports. Scotiabank also issued estimates for Novagold Resources’ FY2026 earnings at ($0.22) EPS and FY2027 earnings at ($0.22) EPS.

NG has been the topic of a number of other reports. Morgan Stanley initiated coverage on shares of Novagold Resources in a research report on Thursday, April 9th. They issued an “overweight” rating and a $13.80 price objective on the stock. B. Riley Financial increased their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Canaccord Genuity Group initiated coverage on shares of Novagold Resources in a research report on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 price objective on the stock. Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Royal Bank Of Canada reduced their price objective on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, March 19th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Novagold Resources currently has a consensus rating of “Buy” and a consensus price target of $13.26.

Novagold Resources Stock Up 2.7%

Shares of NYSEAMERICAN:NG opened at $8.75 on Wednesday. The company has a current ratio of 88.72, a quick ratio of 88.72 and a debt-to-equity ratio of 0.38. Novagold Resources has a 12 month low of $3.37 and a 12 month high of $14.40. The company has a 50-day moving average price of $9.80 and a 200 day moving average price of $9.65. The company has a market cap of $3.84 billion, a price-to-earnings ratio of -33.65 and a beta of 0.76.

Hedge Funds Weigh In On Novagold Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Cetera Investment Advisers boosted its stake in shares of Novagold Resources by 2.7% during the fourth quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company’s stock valued at $431,000 after purchasing an additional 1,235 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of Novagold Resources by 5.4% during the third quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock valued at $223,000 after purchasing an additional 1,287 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Novagold Resources by 1.8% during the third quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock valued at $652,000 after purchasing an additional 1,299 shares in the last quarter. Sprott Inc. boosted its stake in shares of Novagold Resources by 12.7% during the fourth quarter. Sprott Inc. now owns 12,430 shares of the mining company’s stock valued at $116,000 after purchasing an additional 1,400 shares in the last quarter. Finally, Federated Hermes Inc. boosted its stake in shares of Novagold Resources by 35.4% during the third quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock valued at $54,000 after purchasing an additional 1,610 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors.

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.