NovaGold Resources (TSE:NG) Sets New 12-Month High – Here’s What Happened

NovaGold Resources Inc. (TSE:NG)’s stock price hit a new 52-week high on Wednesday . The company traded as high as C$16.56 and last traded at C$16.46, with a volume of 245941 shares traded. The stock had previously closed at C$16.00.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on NG shares. National Bank Financial upgraded shares of NovaGold Resources from a “sector perform” rating to an “outperform” rating and set a C$15.00 price target on the stock in a report on Thursday, October 30th. BMO Capital Markets raised NovaGold Resources to a “strong-buy” rating in a report on Tuesday, November 4th. Finally, Scotiabank set a C$21.00 target price on NovaGold Resources and gave the stock an “outperform” rating in a research report on Friday, February 6th. Three research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Strong Buy” and an average price target of C$18.00.

NovaGold Resources Stock Performance

The stock has a market cap of C$7.97 billion, a P/E ratio of -72.80 and a beta of 2.15. The stock’s fifty day moving average is C$14.08 and its 200 day moving average is C$12.45.

NovaGold Resources (TSE:NG) last issued its quarterly earnings data on Thursday, January 22nd. The company reported C($0.05) earnings per share (EPS) for the quarter.

Insiders Place Their Bets

In related news, Director Dawn Patricia Whittaker purchased 4,000 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was bought at an average cost of C$12.79 per share, for a total transaction of C$51,160.00. Following the completion of the transaction, the director directly owned 4,000 shares in the company, valued at C$51,160. This represents a ? increase in their ownership of the stock. Insiders own 26.46% of the company’s stock.

About NovaGold Resources

Novagold Resources Inc is a mineral exploration company engaged in the exploration and development of mineral properties. The company owns 50% of the Donlin Gold project, which is located in southwestern Alaska, approximately 20 kilometers north of the village of Crooked Creek on the Kuskokwim River.