Novagold Resources (NYSEAMERICAN:NG) Earns Outperform Rating from Analysts at BMO Capital Markets

BMO Capital Markets began coverage on shares of Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) in a research report issued to clients and investors on Tuesday. The firm set an “outperform” rating on the mining company’s stock.

Several other analysts have also issued reports on NG. Zacks Research upgraded shares of Novagold Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 21st. Citigroup raised their price objective on shares of Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th. B. Riley raised their price objective on shares of Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Finally, National Bank Financial upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $10.17.

Novagold Resources Stock Performance

NYSEAMERICAN NG opened at $8.11 on Tuesday. Novagold Resources has a 1 year low of $2.26 and a 1 year high of $10.90. The company has a debt-to-equity ratio of 0.92, a current ratio of 26.91 and a quick ratio of 26.91. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of -32.44 and a beta of 0.77. The company has a fifty day moving average price of $8.21 and a 200-day moving average price of $5.87.

Hedge Funds Weigh In On Novagold Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. lifted its holdings in shares of Novagold Resources by 35.4% in the third quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock worth $54,000 after buying an additional 1,610 shares in the last quarter. Robertson Stephens Wealth Management LLC lifted its holdings in shares of Novagold Resources by 0.7% in the second quarter. Robertson Stephens Wealth Management LLC now owns 289,101 shares of the mining company’s stock worth $1,182,000 after buying an additional 1,868 shares in the last quarter. CWM LLC lifted its holdings in shares of Novagold Resources by 20.3% in the second quarter. CWM LLC now owns 12,688 shares of the mining company’s stock worth $52,000 after buying an additional 2,137 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Novagold Resources by 21.0% in the first quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company’s stock worth $48,000 after buying an additional 2,848 shares in the last quarter. Finally, Investment Management Corp of Ontario lifted its holdings in shares of Novagold Resources by 18.6% in the second quarter. Investment Management Corp of Ontario now owns 18,489 shares of the mining company’s stock worth $76,000 after buying an additional 2,900 shares in the last quarter. Institutional investors own 57.56% of the company’s stock.

Novagold Resources Company Profile

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.