NovaGold Resources (NYSEAMERICAN:NG) Downgraded by Zacks Investment Research


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NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, Zacks.com reports.

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. “

Separately, BidaskClub cut shares of NovaGold Resources from a “hold” rating to a “sell” rating in a research note on Thursday, December 31st.

Shares of NYSEAMERICAN NG opened at $9.60 on Tuesday. NovaGold Resources has a 12-month low of $4.65 and a 12-month high of $12.85. The company has a 50-day moving average of $10.04 and a 200 day moving average of $10.58.

In other news, CEO Gregory A. Lang sold 95,641 shares of the stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $11.30, for a total value of $1,080,743.30. Following the completion of the sale, the chief executive officer now owns 154,999 shares of the company’s stock, valued at approximately $1,751,488.70. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kalidas V. Madhavpeddi sold 69,938 shares of the stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $10.45, for a total transaction of $730,852.10. Following the completion of the sale, the director now directly owns 229,761 shares of the company’s stock, valued at approximately $2,401,002.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 378,827 shares of company stock valued at $3,968,956.

Several institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System grew its stake in shares of NovaGold Resources by 0.3% in the 3rd quarter. California State Teachers Retirement System now owns 359,294 shares of the mining company’s stock valued at $4,272,000 after buying an additional 1,050 shares during the period. CIBC Asset Management Inc boosted its position in shares of NovaGold Resources by 2.4% during the 3rd quarter. CIBC Asset Management Inc now owns 165,631 shares of the mining company’s stock worth $1,971,000 after purchasing an additional 3,886 shares during the period. Old West Investment Management LLC boosted its position in shares of NovaGold Resources by 1.1% during the 3rd quarter. Old West Investment Management LLC now owns 381,278 shares of the mining company’s stock worth $4,533,000 after purchasing an additional 4,073 shares during the period. Private Advisor Group LLC purchased a new position in shares of NovaGold Resources during the 2nd quarter worth approximately $52,000. Finally, Nisa Investment Advisors LLC boosted its position in shares of NovaGold Resources by 27.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 28,750 shares of the mining company’s stock worth $342,000 after purchasing an additional 6,250 shares during the period.

About NovaGold Resources

NovaGold Resources Inc primarily explores for and develops gold mineral properties in the United States. Its principal asset is the 50% interest owned Donlin Gold project consisting of 493 mining claims covering an area of 71,420 acres located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.

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