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

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) has earned a consensus recommendation of “Buy” from the nine ratings firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $12.42.

NG has been the subject of a number of recent analyst reports. Morgan Stanley decreased their price target on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a report on Wednesday, July 8th. B. Riley Financial began coverage on Novagold Resources in a research report on Monday, August 3rd. They set a “buy” rating and a $9.00 target price on the stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Squarepoint Ops LLC acquired a new stake in Novagold Resources during the 2nd quarter worth $676,000. Corient Private Wealth LP purchased a new position in shares of Novagold Resources during the second quarter worth about $907,000. Groupe la Francaise grew its holdings in shares of Novagold Resources by 23.1% during the second quarter. Groupe la Francaise now owns 400,000 shares of the mining company’s stock worth $2,393,000 after purchasing an additional 75,000 shares during the last quarter. AlphaGrep UK Ltd acquired a new stake in shares of Novagold Resources during the second quarter worth about $66,000. Finally, TD Waterhouse Canada Inc. increased its position in shares of Novagold Resources by 41.1% during the second quarter. TD Waterhouse Canada Inc. now owns 10,300 shares of the mining company’s stock worth $63,000 after purchasing an additional 3,000 shares in the last quarter. Institutional investors and hedge funds own 57.56% of the company’s stock.

Novagold Resources Price Performance

Shares of NG opened at $7.14 on Friday. Novagold Resources has a twelve month low of $5.07 and a twelve month high of $14.40. The firm’s fifty day simple moving average is $7.39 and its 200-day simple moving average is $7.92. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of -42.00 and a beta of 0.92. The company has a current ratio of 112.82, a quick ratio of 112.82 and a debt-to-equity ratio of 0.41.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its quarterly earnings data on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share (EPS) for the quarter. Equities analysts forecast that Novagold Resources will post -0.13 EPS for the current fiscal year.

Novagold Resources Company Profile

NovaGold Resources Inc is a Canadian-based mineral exploration and development company focused on advancing the Donlin Gold project in southwestern Alaska. The company does not currently operate producing mines; its principal asset is its 50% interest in Donlin Gold LLC, which owns the Donlin Gold project. Barrick Gold Corporation owns the remaining 50% interest and is the project operator.

Donlin Gold is one of the largest undeveloped gold deposits in the world. The project is located in the Yukon-Kuskokwim region of Alaska, approximately 145 miles northeast of the port of Bethel.