NovaGold Resources (NYSEAMERICAN:NG) Lifted to “Hold” at StockNews.com

StockNews.com upgraded shares of NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) from a sell rating to a hold rating in a research note released on Wednesday morning.

Separately, National Bank Financial decreased their price objective on shares of NovaGold Resources from C$10.75 to C$9.50 in a research note on Friday, July 21st.

NovaGold Resources Price Performance

NG stock opened at $4.18 on Wednesday. The company has a market cap of $1.40 billion, a PE ratio of -26.13 and a beta of 0.78. The stock’s 50-day moving average is $5.58. The company has a quick ratio of 40.75, a current ratio of 40.75 and a debt-to-equity ratio of 14.75. NovaGold Resources has a 1 year low of $3.84 and a 1 year high of $6.98.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its earnings results on Tuesday, June 27th. The mining company reported ($0.04) earnings per share for the quarter. On average, analysts anticipate that NovaGold Resources will post -0.11 earnings per share for the current fiscal year.

Institutional Trading of NovaGold Resources

Several institutional investors and hedge funds have recently made changes to their positions in NG. PNC Financial Services Group Inc. raised its position in shares of NovaGold Resources by 87.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 7,382 shares of the mining company’s stock valued at $29,000 after buying an additional 3,450 shares in the last quarter. Banque Cantonale Vaudoise purchased a new position in NovaGold Resources in the 1st quarter worth $42,000. Verition Fund Management LLC purchased a new position in NovaGold Resources in the 2nd quarter worth $55,000. Cornerstone Wealth Management LLC purchased a new position in shares of NovaGold Resources in the second quarter valued at about $56,000. Finally, Aspiriant LLC purchased a new position in shares of NovaGold Resources in the second quarter valued at about $61,000. Hedge funds and other institutional investors own 53.84% of the company’s stock.

NovaGold Resources Company Profile

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares 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.