NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Up – Still a Buy?

Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) gapped up prior to trading on Friday . The stock had previously closed at $3.50, but opened at $3.60. NovaGold Resources shares last traded at $3.44, with a volume of 219,368 shares trading hands.

Analyst Ratings Changes

A number of brokerages have weighed in on NG. StockNews.com lowered NovaGold Resources from a “hold” rating to a “sell” rating in a research note on Sunday, July 28th. National Bank Financial cut shares of NovaGold Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Finally, Citigroup raised shares of NovaGold Resources to a “strong-buy” rating in a research report on Thursday, October 3rd.

NovaGold Resources Stock Down 3.1 %

The company has a market cap of $1.13 billion, a PE ratio of -26.08 and a beta of 1.06.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its quarterly earnings results on Wednesday, October 2nd. The mining company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01).

Institutional Investors Weigh In On NovaGold Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its holdings in shares of NovaGold Resources by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,046,926 shares of the mining company’s stock valued at $12,497,000 after acquiring an additional 9,629 shares during the last quarter. Barclays PLC grew its position in shares of NovaGold Resources by 19.9% during the 3rd quarter. Barclays PLC now owns 917,835 shares of the mining company’s stock valued at $3,762,000 after buying an additional 152,164 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in NovaGold Resources during the third quarter worth about $263,000. XTX Topco Ltd lifted its holdings in shares of NovaGold Resources by 52.1% in the 3rd quarter. XTX Topco Ltd now owns 42,004 shares of the mining company’s stock worth $172,000 after purchasing an additional 14,397 shares during the last quarter. Finally, National Bank of Canada FI boosted its position in NovaGold Resources by 98.2% during the 3rd quarter. National Bank of Canada FI now owns 280,335 shares of the mining company’s stock valued at $1,152,000 after purchasing an additional 138,868 shares during the period. Institutional investors own 57.56% 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.