Pin Oak Investment Advisors Inc. Acquires New Shares in Novagold Resources Inc. $NG

Pin Oak Investment Advisors Inc. acquired a new position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 327,954 shares of the mining company’s stock, valued at approximately $1,958,000. Novagold Resources makes up approximately 1.0% of Pin Oak Investment Advisors Inc.’s holdings, making the stock its 28th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Electrum Group LLC bought a new stake in shares of Novagold Resources in the fourth quarter worth approximately $865,854,000. Principal Financial Group Inc. raised its stake in Novagold Resources by 32,405.9% during the 1st quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company’s stock valued at $51,380,000 after buying an additional 5,704,403 shares during the last quarter. UBS Group AG lifted its holdings in shares of Novagold Resources by 21.9% during the 3rd quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after buying an additional 2,443,511 shares during the period. Bank of America Corp DE boosted its stake in shares of Novagold Resources by 520.9% in the 2nd quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock worth $11,886,000 after buying an additional 2,438,052 shares during the last quarter. Finally, Greenwich Wealth Management LLC purchased a new position in shares of Novagold Resources in the 4th quarter worth $18,640,000. Institutional investors own 57.56% of the company’s stock.

Analysts Set New Price Targets

NG has been the subject of a number of research reports. Morgan Stanley reduced their price objective on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. B. Riley Financial initiated coverage on shares of Novagold Resources in a report on Monday, August 3rd. They issued a “buy” rating and a $9.00 price objective on the stock. Finally, Scotiabank upgraded shares of Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $12.42.

Novagold Resources Stock Down 4.1%

NG opened at $8.75 on Friday. 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’s fifty day moving average is $6.82 and its 200 day moving average is $8.46. The stock has a market cap of $3.84 billion, a price-to-earnings ratio of -51.47 and a beta of 0.85.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last issued its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share (EPS) for the quarter. On average, sell-side analysts forecast that Novagold Resources Inc. will post -0.16 earnings per share for the current fiscal year.

Novagold Resources 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.