NovaGold Resources (TSE:NG) Now Covered by Citigroup

Citigroup started coverage on shares of NovaGold Resources (TSE:NG) in a research report released on Friday,Zacks reports. The brokerage issued a strong-buy rating on the stock.

Separately, B. Riley Financial raised NovaGold Resources to a “strong-buy” rating in a report on Monday, August 3rd. Three investment analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and a consensus target price of C$21.00.

NovaGold Resources Stock Up 5.9%

Shares of TSE:NG traded up C$0.50 on Friday, reaching C$9.04. 491,770 shares of the company’s stock were exchanged, compared to its average volume of 679,292. The business’s 50-day moving average is C$9.67 and its two-hundred day moving average is C$11.30. NovaGold Resources has a fifty-two week low of C$7.12 and a fifty-two week high of C$19.69. The firm has a market capitalization of C$3.97 billion, a price-to-earnings ratio of -43.05 and a beta of 4.20.

NovaGold Resources Company Profile

NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories (560 million tonnes at an average grade of approximately 2.22 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)5, inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world.