Zacks Investment Research downgraded shares of NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning, 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 target price on shares of NovaGold Resources and gave the company a buy rating in a report on Friday, August 23rd.
NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last issued its earnings results on Tuesday, October 1st. The mining company reported ($0.02) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.02).
In other news, CEO Gregory A. Lang sold 67,641 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $6.43, for a total transaction of $434,931.63. Following the completion of the transaction, the chief executive officer now owns 217,494 shares in the company, valued at $1,398,486.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gregory A. Lang sold 44,116 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $6.06, for a total transaction of $267,342.96. Following the transaction, the insider now owns 239,059 shares of the company’s stock, valued at approximately $1,448,697.54. The disclosure for this sale can be found here. Insiders have sold 542,922 shares of company stock worth $3,626,346 over the last three months.
Institutional investors have recently added to or reduced their stakes in the company. Matisse Capital bought a new position in shares of NovaGold Resources during the 2nd quarter valued at about $59,000. Aperio Group LLC purchased a new stake in NovaGold Resources during the second quarter valued at about $61,000. Prudential Financial Inc. purchased a new stake in NovaGold Resources during the second quarter valued at about $91,000. HighTower Advisors LLC lifted its stake in NovaGold Resources by 18.2% during the second quarter. HighTower Advisors LLC now owns 16,529 shares of the mining company’s stock valued at $97,000 after buying an additional 2,544 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. lifted its stake in NovaGold Resources by 17.3% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 19,711 shares of the mining company’s stock valued at $111,000 after buying an additional 2,909 shares in the last quarter.
NovaGold Resources Company Profile
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.
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