Zacks Investment Research Downgrades NovaGold Resources (NYSEAMERICAN:NG) to Sell

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NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday, September 20th.

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. “

NovaGold Resources stock traded down $0.04 during mid-day trading on Thursday, hitting $4.16. 1,351,925 shares of the company’s stock were exchanged, compared to its average volume of 1,417,970. NovaGold Resources has a fifty-two week low of $3.35 and a fifty-two week high of $5.05.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its earnings results on Tuesday, October 2nd. The mining company reported ($0.02) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.01.

In other NovaGold Resources news, VP David A. Ottewell sold 60,309 shares of the firm’s stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $3.73, for a total transaction of $224,952.57. Following the completion of the sale, the vice president now directly owns 645,385 shares in the company, valued at $2,407,286.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David A. Ottewell sold 44,230 shares of the firm’s stock in a transaction that occurred on Tuesday, October 9th. The stock was sold at an average price of $4.01, for a total transaction of $177,362.30. Following the sale, the chief financial officer now owns 597,216 shares of the company’s stock, valued at $2,394,836.16. The disclosure for this sale can be found here. Insiders sold a total of 224,999 shares of company stock valued at $896,201 over the last quarter.

Hedge funds have recently modified their holdings of the business. BNP Paribas Arbitrage SA acquired a new stake in shares of NovaGold Resources in the first quarter valued at approximately $113,000. Cubist Systematic Strategies LLC acquired a new stake in shares of NovaGold Resources in the second quarter valued at approximately $153,000. OLD Mission Capital LLC bought a new position in NovaGold Resources in the second quarter valued at approximately $158,000. Natixis increased its stake in NovaGold Resources by 161.8% in the first quarter. Natixis now owns 44,500 shares of the mining company’s stock valued at $214,000 after acquiring an additional 27,500 shares during the last quarter. Finally, BlackRock Inc. increased its stake in NovaGold Resources by 131.9% in the second quarter. BlackRock Inc. now owns 46,718 shares of the mining company’s stock valued at $208,000 after acquiring an additional 26,572 shares during the last quarter.

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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