Zacks Investment Research upgraded shares of NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) from a hold rating to a buy rating in a report released on Saturday. They currently have $4.50 price target 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. “
A number of other research analysts also recently weighed in on the company. BidaskClub raised NovaGold Resources from a sell rating to a hold rating in a research note on Wednesday, November 15th. B. Riley started coverage on NovaGold Resources in a research note on Tuesday, December 19th. They set a buy rating and a $7.00 price target on the stock.
NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its quarterly earnings data on Wednesday, January 24th. The mining company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01.
A number of hedge funds have recently bought and sold shares of NG. LPL Financial LLC increased its holdings in NovaGold Resources by 789.8% during the 4th quarter. LPL Financial LLC now owns 163,287 shares of the mining company’s stock worth $642,000 after purchasing an additional 144,935 shares in the last quarter. Deutsche Bank AG increased its holdings in NovaGold Resources by 191.2% during the 4th quarter. Deutsche Bank AG now owns 209,620 shares of the mining company’s stock worth $823,000 after purchasing an additional 137,626 shares in the last quarter. Spectrum Asset Management Inc. NB CA bought a new stake in NovaGold Resources during the 4th quarter worth approximately $346,000. Stansberry Asset Management LLC bought a new stake in NovaGold Resources during the 4th quarter worth approximately $609,000. Finally, Brown Advisory Inc. increased its holdings in NovaGold Resources by 57.7% during the 4th quarter. Brown Advisory Inc. now owns 153,095 shares of the mining company’s stock worth $602,000 after purchasing an additional 56,025 shares in the last quarter.
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About NovaGold Resources
Novagold Resources Inc is a mineral exploration company. The Company is engaged in the exploration and development of mineral properties. The Company’s segments include the Donlin Gold project in Alaska, the United States and the Galore Creek project in British Columbia, Canada. The Company operates in the gold mining industry, primarily focused on advancing permitting of the Donlin Gold project in Alaska.
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