Empyrean Capital Partners LP Reduces Position in Novagold Resources Inc. $NG

Empyrean Capital Partners LP decreased its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 44.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,705,100 shares of the mining company’s stock after selling 2,188,466 shares during the period. Empyrean Capital Partners LP’s holdings in Novagold Resources were worth $25,212,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of NG. Electrum Group LLC purchased a new position in Novagold Resources during the fourth quarter worth $865,854,000. Vanguard Group Inc. increased its position in Novagold Resources by 23.9% during the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock worth $128,840,000 after buying an additional 2,815,780 shares in the last quarter. 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 worth $119,837,000 after buying an additional 2,443,511 shares in the last quarter. Bank of America Corp DE increased its position in Novagold Resources by 520.9% during the second quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock worth $11,886,000 after buying an additional 2,438,052 shares in the last quarter. Finally, Greenwich Wealth Management LLC purchased a new position in Novagold Resources during the fourth quarter worth $18,640,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Wall Street Analyst Weigh In

NG has been the subject of several recent research reports. Scotiabank raised Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada dropped their price target on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, March 19th. Morgan Stanley initiated coverage on Novagold Resources in a research report on Thursday, April 9th. They set an “overweight” rating and a $13.80 price target for the company. Zacks Research raised Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Canaccord Genuity Group initiated coverage on Novagold Resources in a research report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price target for the company. One 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 company. According to MarketBeat.com, Novagold Resources presently has a consensus rating of “Buy” and an average price target of $13.26.

Novagold Resources Price Performance

Shares of NYSEAMERICAN:NG opened at $8.10 on Thursday. The company has a market cap of $3.55 billion, a P/E ratio of -31.15 and a beta of 0.77. 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 Inc. has a 52 week low of $3.61 and a 52 week high of $14.40. The business has a fifty day simple moving average of $8.54 and a 200-day simple moving average of $9.55.

Novagold Resources 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.