Novagold Resources (NYSEAMERICAN:NG) Stock Gets Price Target Cut from Morgan Stanley

by · The Markets Daily

Novagold Resources (NYSEAMERICAN:NG – Free Report) (TSE:NG) had its price target cut by Morgan Stanley from $13.60 to $13.00 in a research report released on Wednesday,Benzinga reports. They currently have an overweight rating on the mining company’s stock.

Separately, B. Riley Financial started coverage on shares of Novagold Resources in a report on Monday, August 3rd. They issued a “buy” rating and a $9.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Novagold Resources has an average rating of “Buy” and an average target price of $12.30.

Get Our Latest Stock Report on Novagold Resources

Novagold Resources Stock Up 6.8%

Novagold Resources stock opened at $6.71 on Wednesday. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of -31.95 and a beta of 0.95. The stock has a fifty day simple moving average of $7.57 and a two-hundred day simple moving average of $7.66. Novagold Resources has a 12 month low of $5.07 and a 12 month high of $14.40. 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 – Get Free Report) (TSE:NG) last released its quarterly earnings data on Thursday, October 8th. The mining company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.01). Equities analysts predict that Novagold Resources will post -0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Novagold Resources

Several institutional investors have recently made changes to their positions in NG. Electrum Group LLC bought a new position in Novagold Resources in the fourth quarter worth approximately $865,854,000. Principal Financial Group Inc. grew its position in shares of 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 acquiring an additional 5,704,403 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Novagold Resources in the 1st quarter worth $7,972,000. Bank of New York Mellon Corp purchased a new stake in shares of Novagold Resources in the 2nd quarter worth $5,197,000. Finally, Amundi raised its holdings in Novagold Resources by 11.5% in the 1st quarter. Amundi now owns 5,050,474 shares of the mining company’s stock worth $45,353,000 after purchasing an additional 521,388 shares during the period. Institutional investors own 57.56% of the company’s stock.

About Novagold Resources

(Get Free Report)

Novagold Resources Inc is a Canada-based precious metals exploration and development company focused on advancing the Donlin Gold project in southwest Alaska. The project is held through Donlin Gold LLC, which is owned equally by Novagold and Barrick Gold Corporation. Donlin Gold is one of the largest undeveloped gold deposits in the world and is located on lands owned by the Calista Corporation and The Kuskokwim Corporation.

Novagold does not currently operate producing mines. Its primary activities include project evaluation, permitting, technical studies, exploration, and community and stakeholder engagement related to Donlin Gold.

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