Morgan Stanley Lowers Novagold Resources (NYSEAMERICAN:NG) Price Target to $13.60

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) had its target price decreased by equities researchers at Morgan Stanley from $13.80 to $13.60 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the mining company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 122.95% from the company’s previous close.

A number of other research analysts have also issued reports on NG. Scotiabank upgraded shares of Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Canaccord Genuity Group began coverage on Novagold Resources in a research report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price target on the stock. Finally, Royal Bank Of Canada lowered their price objective on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, March 19th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Novagold Resources has a consensus rating of “Buy” and an average price target of $13.22.

Novagold Resources Trading Down 5.6%

Shares of Novagold Resources stock opened at $6.10 on Wednesday. The firm has a 50-day moving average of $7.69 and a 200-day moving average of $9.24. The stock has a market cap of $2.68 billion, a PE ratio of -35.88 and a beta of 0.84. Novagold Resources has a 52-week low of $4.34 and a 52-week high of $14.40. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82.

Hedge Funds Weigh In On Novagold Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. Electrum Group LLC bought a new position in Novagold Resources in the fourth quarter valued at approximately $865,854,000. Capital World Investors boosted its holdings in shares of Novagold Resources by 12.8% in the 3rd quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock valued at $155,461,000 after purchasing an additional 2,000,000 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Novagold Resources by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 14,760,990 shares of the mining company’s stock valued at $137,647,000 after purchasing an additional 173,474 shares in the last quarter. UBS Group AG increased its stake in shares of Novagold Resources by 21.9% in the 3rd quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after purchasing an additional 2,443,511 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Novagold Resources by 29.2% during the 3rd quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company’s stock worth $71,802,000 after buying an additional 1,842,582 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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.