Zacks Investment Research Lowers NovaGold Resources (NG) to Hold
Zacks Investment Research cut shares of NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) from a strong-buy rating to a hold rating in a report issued on Thursday morning.
According to Zacks, “NovaGold Resources is a gold and copper company engaged in the exploration and development of mineral properties in Alaska and Western Canada. The Company is rapidly moving to production at its hundred percent owned Nome Operations in Alaska, which includes Rock Creek, Big Hurrah and Nome Gold. NovaGold recently announced its partnership with Teck Cominco to build the Galore Creek copper-gold mine in northwestern British Columbia, with NovaGold and Teck Cominco each owning 50% of the project once Teck Cominco has completed its partnership requirements. “
NG stock traded up $0.04 during trading on Thursday, reaching $3.80. The stock had a trading volume of 82,724 shares, compared to its average volume of 1,384,416. NovaGold Resources has a 52 week low of $3.35 and a 52 week high of $5.05.
In other NovaGold Resources news, VP David Deisley sold 30,400 shares of the stock in a transaction dated Thursday, October 18th. The stock was sold at an average price of $4.29, for a total value of $130,416.00. Following the transaction, the vice president now owns 759,526 shares of the company’s stock, valued at $3,258,366.54. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP David A. Ottewell sold 60,309 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $3.73, for a total value of $224,952.57. Following the completion of the transaction, the vice president now directly owns 645,385 shares in the company, valued at approximately $2,407,286.05. The disclosure for this sale can be found here. In the last three months, insiders sold 554,953 shares of company stock worth $2,229,083.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of NovaGold Resources by 1.2% in the third quarter. Vanguard Group Inc. now owns 5,477,717 shares of the mining company’s stock worth $20,322,000 after buying an additional 64,970 shares during the period. Morgan Stanley raised its stake in shares of NovaGold Resources by 45.8% in the third quarter. Morgan Stanley now owns 2,800,572 shares of the mining company’s stock worth $10,389,000 after buying an additional 880,228 shares during the period. Mackenzie Financial Corp bought a new position in shares of NovaGold Resources in the third quarter worth about $177,000. Fore Capital LLC bought a new position in shares of NovaGold Resources in the third quarter worth about $371,000. Finally, Sowell Financial Services LLC bought a new position in shares of NovaGold Resources in the third quarter worth about $231,000.
About NovaGold Resources
NovaGold Resources Inc explores for and develops mineral properties in Canada and the United States. The company primarily explores for gold, silver, and copper deposits. It primarily holds a 50% interest in the Donlin Gold property that covers an area of 71,420 acres located in the Kuskokwim region of southwestern Alaska.
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