NovaGold Resources (TSE:NG) Hits New 12-Month High – What’s Next?

NovaGold Resources Inc. (TSE:NG)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$16.56 and last traded at C$16.46, with a volume of 245941 shares trading hands. The stock had previously closed at C$16.00.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on NG shares. National Bank Financial raised shares of NovaGold Resources from a “sector perform” rating to an “outperform” rating and set a C$15.00 price objective on the stock in a report on Thursday, October 30th. Scotiabank set a C$21.00 target price on shares of NovaGold Resources and gave the company an “outperform” rating in a report on Friday, February 6th. Finally, BMO Capital Markets upgraded shares of NovaGold Resources to a “strong-buy” rating in a research note on Tuesday, November 4th. Three research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to data from MarketBeat, NovaGold Resources presently has a consensus rating of “Strong Buy” and a consensus price target of C$18.00.

NovaGold Resources Trading Up 1.8%

The firm’s 50 day simple moving average is C$13.86 and its 200 day simple moving average is C$12.31. The firm has a market cap of C$7.13 billion, a PE ratio of -65.12 and a beta of 2.15.

NovaGold Resources (TSE:NG) last released its quarterly earnings results on Thursday, January 22nd. The company reported C($0.05) earnings per share for the quarter.

Insiders Place Their Bets

In related news, Director Dawn Patricia Whittaker bought 4,000 shares of the company’s stock in a transaction dated Wednesday, February 4th. The stock was purchased at an average price of C$12.79 per share, for a total transaction of C$51,160.00. Following the acquisition, the director owned 4,000 shares in the company, valued at C$51,160. This trade represents a ∞ increase in their ownership of the stock. 26.46% of the stock is owned by insiders.

About NovaGold Resources

Novagold Resources Inc is a mineral exploration company engaged in the exploration and development of mineral properties. The company owns 50% of the Donlin Gold project, which is located in southwestern Alaska, approximately 20 kilometers north of the village of Crooked Creek on the Kuskokwim River.