Goehring & Rozencwajg Associates LLC Has $7.45 Million Stock Position in Novagold Resources Inc. $NG

Goehring & Rozencwajg Associates LLC reduced its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 30.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 799,826 shares of the mining company’s stock after selling 342,663 shares during the period. Goehring & Rozencwajg Associates LLC’s holdings in Novagold Resources were worth $7,454,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Torren Management LLC acquired a new stake in Novagold Resources during the 4th quarter worth approximately $27,000. Leonteq Securities AG acquired a new stake in Novagold Resources during the 4th quarter worth approximately $38,000. Hantz Financial Services Inc. acquired a new stake in Novagold Resources during the 3rd quarter worth approximately $40,000. Cubist Systematic Strategies LLC acquired a new stake in Novagold Resources during the 1st quarter worth approximately $44,000. Finally, TD Waterhouse Canada Inc. raised its holdings in Novagold Resources by 307.7% during the 4th quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock worth $49,000 after buying an additional 4,000 shares during the period. 57.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

NG has been the topic of several research analyst reports. Royal Bank Of Canada dropped their target price on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, March 19th. Morgan Stanley initiated coverage on shares of Novagold Resources in a report on Thursday, April 9th. They set an “overweight” rating and a $13.80 target price on the stock. Canaccord Genuity Group initiated coverage on shares of Novagold Resources in a report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 target price on the stock. Scotiabank upgraded shares of Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $13.26.

Novagold Resources Price Performance

Shares of NG opened at $7.44 on Friday. The stock has a market capitalization of $3.26 billion, a P/E ratio of -28.62 and a beta of 0.77. Novagold Resources Inc. has a twelve month low of $3.61 and a twelve month high of $14.40. The company has a 50 day moving average of $8.59 and a 200-day moving average of $9.57. The company has a quick ratio of 88.72, a current ratio of 88.72 and a debt-to-equity ratio of 0.38.

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.