Royal Bank Of Canada Cuts Novagold Resources (NYSEAMERICAN:NG) Price Target to $14.00
by Kim Johansen · The Markets DailyNovagold Resources (NYSEAMERICAN:NG – Free Report) (TSE:NG) had its target price decreased by Royal Bank Of Canada from $18.00 to $14.00 in a report published on Thursday morning,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the mining company’s stock.
A number of other brokerages have also weighed in on NG. B. Riley Financial boosted their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Zacks Research downgraded Novagold Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Finally, Scotiabank started coverage on Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating for the company. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $13.17.
Check Out Our Latest Research Report on Novagold Resources
Novagold Resources Stock Performance
Shares of Novagold Resources stock opened at $7.75 on Thursday. Novagold Resources has a 1 year low of $2.26 and a 1 year high of $14.40. The firm’s 50-day moving average is $10.64 and its 200 day moving average is $9.51. The stock has a market cap of $3.40 billion, a price-to-earnings ratio of -31.00 and a beta of 0.75. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79.
Insider Activity
In related news, Director Dawn Patricia Whittaker purchased 4,000 shares of Novagold Resources stock in a transaction dated Wednesday, February 4th. The stock was purchased at an average cost of $9.36 per share, for a total transaction of $37,440.00. Following the completion of the purchase, the director directly owned 4,000 shares of the company’s stock, valued at $37,440. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.88% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Novagold Resources
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Electrum Group LLC bought a new position in shares of Novagold Resources during the 4th quarter valued at $865,854,000. Lingotto Investment Management LLP grew its holdings in shares of Novagold Resources by 60.7% in the second quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock worth $142,753,000 after acquiring an additional 13,180,065 shares during the period. Vanguard Group Inc. grew its holdings in shares of Novagold Resources by 23.9% in the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock worth $128,840,000 after acquiring an additional 2,815,780 shares during the period. UBS Group AG increased its position in Novagold Resources by 21.9% during the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after acquiring an additional 2,443,511 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Novagold Resources by 520.9% in the second quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock valued at $11,886,000 after acquiring an additional 2,438,052 shares during the period. Hedge funds and other institutional investors own 57.56% of the company’s stock.
Novagold Resources Company Profile
Novagold Resources Inc is a mineral exploration and development company headquartered in Vancouver, British Columbia. The firm is focused on advancing large-scale precious metals projects through disciplined project management, environmental stewardship and community engagement. Novagold maintains a lean corporate structure while leveraging partnerships and industry expertise to advance its projects toward production.
The company’s flagship asset is the Donlin Gold project in Alaska, a 50/50 joint venture with Barrick Gold Corporation.