NovaGold Resources (NYSEAMERICAN:NG) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) from a sell rating to a hold rating in a report published on Thursday, 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, B. Riley set a $9.00 price target on NovaGold Resources and gave the company a buy rating in a research report on Friday, August 23rd.



NG stock traded down $0.05 during trading on Thursday, hitting $6.47. 232,969 shares of the company traded hands, compared to its average volume of 2,039,660. NovaGold Resources has a 1 year low of $3.42 and a 1 year high of $7.95.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its quarterly earnings results on Wednesday, June 26th. The mining company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02).

In other news, VP David A. Ottewell sold 9,949 shares of NovaGold Resources stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $7.51, for a total value of $74,716.99. Following the sale, the vice president now directly owns 582,265 shares of the company’s stock, valued at $4,372,810.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Igor Levental sold 27,063 shares of NovaGold Resources stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $5.55, for a total value of $150,199.65. Following the completion of the sale, the director now directly owns 198,573 shares in the company, valued at $1,102,080.15. The disclosure for this sale can be found here. Over the last three months, insiders sold 600,598 shares of company stock worth $3,873,912.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NG. Mercer Global Advisors Inc. ADV acquired a new position in NovaGold Resources during the first quarter worth $46,000. Matisse Capital purchased a new stake in NovaGold Resources in the second quarter valued at $59,000. Aperio Group LLC purchased a new stake in NovaGold Resources in the second quarter valued at $61,000. Prudential Financial Inc. purchased a new stake in NovaGold Resources in the second quarter valued at $91,000. Finally, Miracle Mile Advisors LLC purchased a new stake in NovaGold Resources in the first quarter valued at $96,000.

About NovaGold Resources

NovaGold Resources Inc primarily explores for and develops gold mineral properties in Canada and the United States. Its principal asset is the Donlin Gold property 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.

See Also: Net Margin

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