Bornite Capital Management LP Takes Position in Novagold Resources Inc. $NG

Bornite Capital Management LP bought a new stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,000,000 shares of the mining company’s stock, valued at approximately $8,180,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Cary Street Partners Financial LLC purchased a new position in Novagold Resources in the first quarter valued at about $29,000. Abel Hall LLC acquired a new stake in shares of Novagold Resources in the second quarter valued at about $47,000. CWM LLC raised its holdings in shares of Novagold Resources by 20.3% during the 2nd quarter. CWM LLC now owns 12,688 shares of the mining company’s stock valued at $52,000 after buying an additional 2,137 shares during the period. Dauntless Investment Group LLC acquired a new position in Novagold Resources during the 1st quarter worth approximately $39,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Novagold Resources in the 1st quarter worth approximately $44,000. 57.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on NG. B. Riley lifted their price objective on shares of Novagold Resources from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Zacks Research raised shares of Novagold Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 21st. BMO Capital Markets initiated coverage on shares of Novagold Resources in a report on Tuesday, November 4th. They issued an “outperform” rating on the stock. Citigroup upped their price objective on shares of Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Finally, National Bank Financial upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. Based on data from MarketBeat, Novagold Resources has a consensus rating of “Buy” and a consensus price target of $10.17.

Novagold Resources Stock Up 4.5%

Shares of NYSEAMERICAN:NG opened at $8.19 on Friday. The company has a current ratio of 26.91, a quick ratio of 26.91 and a debt-to-equity ratio of 0.92. The company has a fifty day simple moving average of $8.31 and a 200 day simple moving average of $5.98. The firm has a market cap of $3.33 billion, a PE ratio of -32.76 and a beta of 0.77. Novagold Resources Inc. has a 12-month low of $2.26 and a 12-month high of $10.90.

Novagold Resources 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.