Citigroup Initiates Coverage on NovaGold Resources (TSE:NG)

Stock analysts at Citigroup started coverage on shares of NovaGold Resources (TSE:NG) in a research note issued to investors on Friday, Zacks reports. The brokerage set a “strong-buy” rating on the stock.

Separately, B. Riley Financial upgraded shares of NovaGold Resources to a “strong-buy” rating in a research report on Monday, August 3rd. Three investment analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat.com, NovaGold Resources has an average rating of “Strong Buy” and an average price target of C$21.00.

NovaGold Resources Price Performance

Shares of NG stock traded up C$0.50 during midday trading on Friday, hitting C$9.04. The company had a trading volume of 491,770 shares, compared to its average volume of 679,292. The company’s 50 day simple moving average is C$9.67 and its 200 day simple moving average is C$11.30. NovaGold Resources has a 52-week low of C$7.12 and a 52-week high of C$19.69. The stock has a market cap of C$3.97 billion, a price-to-earnings ratio of -43.05 and a beta of 4.20.

About NovaGold Resources

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.