Zacks Investment Research upgraded shares of NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) from a hold rating to a buy rating in a research report released on Thursday morning, Zacks.com reports. The firm currently has $7.50 price objective on the mining company’s stock.
According to Zacks, “NovaGold Resources is a gold and copper company engaged in the exploration and development of mineral properties in Alaska and Western Canada. The Company is rapidly moving to production at its hundred percent owned Nome Operations in Alaska, which includes Rock Creek, Big Hurrah and Nome Gold. NovaGold recently announced its partnership with Teck Cominco to build the Galore Creek copper-gold mine in northwestern British Columbia, with NovaGold and Teck Cominco each owning 50% of the project once Teck Cominco has completed its partnership requirements. “
Shares of NovaGold Resources stock opened at $6.22 on Thursday. NovaGold Resources has a fifty-two week low of $5.97 and a fifty-two week high of $10.45. The firm has a market capitalization of $2.07 billion, a PE ratio of -51.83 and a beta of 0.67. The company has a quick ratio of 38.66, a current ratio of 38.66 and a debt-to-equity ratio of 1.48.
NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its earnings results on Wednesday, January 26th. The mining company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. Equities analysts anticipate that NovaGold Resources will post -0.1 earnings per share for the current fiscal year.
In related news, CEO Gregory A. Lang sold 30,039 shares of the stock in a transaction dated Tuesday, November 9th. The stock was sold at an average price of $7.81, for a total value of $234,604.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anthony P. Walsh sold 17,843 shares of the stock in a transaction dated Thursday, November 11th. The stock was sold at an average price of $8.11, for a total value of $144,706.73. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 365,699 shares of company stock valued at $2,717,643. 29.05% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in NG. Centiva Capital LP acquired a new position in NovaGold Resources in the 3rd quarter worth about $28,000. Whittier Trust Co. increased its position in NovaGold Resources by 100.0% in the 4th quarter. Whittier Trust Co. now owns 10,000 shares of the mining company’s stock worth $69,000 after purchasing an additional 5,000 shares during the last quarter. Keene & Associates Inc. acquired a new position in NovaGold Resources in the 4th quarter worth about $69,000. Nisa Investment Advisors LLC increased its position in NovaGold Resources by 173.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 12,050 shares of the mining company’s stock worth $80,000 after purchasing an additional 7,650 shares during the last quarter. Finally, Boothbay Fund Management LLC acquired a new position in NovaGold Resources in the 2nd quarter worth about $82,000. 50.18% of the stock is owned by hedge funds and other institutional investors.
NovaGold Resources Company Profile
NovaGold Resources, Inc is a mineral exploration company, which engages in the acquisition, exploration, and development of metal properties primarily located in Alaska and British Columbia. Its developments include Donlin Gold and Galore Creek projects. The company was founded by Gregory Shawn Johnson, John W.
- Get a free copy of the StockNews.com research report on NovaGold Resources (NG)
- 3 Inflation-Proof ETFs to Put into Your Portfolio
- Energy, Banks, Industrials: 3 Stocks to Buy in Strong Areas of the Market
- MarketBeat: Week in Review 1/31 – 2/4
- Ford Gets Dented By Inflation, Supply Chain Issues
- 3 Underrated Stocks to Add to Your Portfolio
For more information about research offerings from Zacks Investment Research, visit Zacks.com