NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $4.00 price target on the mining company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 9.29% from the stock’s current price.
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. “
Several other brokerages have also commented on NG. BidaskClub raised shares of NovaGold Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, November 15th. B. Riley initiated coverage on shares of NovaGold Resources in a research report on Tuesday, December 19th. They set a “buy” rating and a $7.00 price target for the company.
In other news, Director Nieuwenhuyse Rick Van sold 150,000 shares of NovaGold Resources stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP David Deisley sold 16,642 shares of NovaGold Resources stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $3.86, for a total transaction of $64,238.12. The disclosure for this sale can be found here. Insiders have sold a total of 183,310 shares of company stock valued at $719,246 over the last three months.
Large investors have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. grew its stake in NovaGold Resources by 1.3% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 22,705 shares of the mining company’s stock valued at $104,000 after acquiring an additional 300 shares during the period. Virtu Financial LLC grew its stake in NovaGold Resources by 448.8% in the 3rd quarter. Virtu Financial LLC now owns 145,461 shares of the mining company’s stock valued at $154,000 after acquiring an additional 118,958 shares during the period. BlueCrest Capital Management Ltd acquired a new stake in NovaGold Resources in the 2nd quarter valued at $168,000. Legal & General Group Plc grew its stake in NovaGold Resources by 4.4% in the 2nd quarter. Legal & General Group Plc now owns 37,607 shares of the mining company’s stock valued at $170,000 after acquiring an additional 1,584 shares during the period. Finally, Virtu KCG Holdings LLC grew its stake in NovaGold Resources by 82.6% in the 2nd quarter. Virtu KCG Holdings LLC now owns 38,577 shares of the mining company’s stock valued at $176,000 after acquiring an additional 17,451 shares during the period.
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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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