NovaGold Resources (NYSEAMERICAN:NG) Trading 5.8% Higher

Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) rose 5.8% during mid-day trading on Thursday . The stock traded as high as $2.94 and last traded at $2.92. Approximately 527,192 shares were traded during trading, a decline of 78% from the average daily volume of 2,411,097 shares. The stock had previously closed at $2.76.

Analysts Set New Price Targets

Separately, National Bank Financial reiterated an “outperform overweight” rating on shares of NovaGold Resources in a report on Wednesday, January 3rd.

NovaGold Resources Stock Performance

The company has a market cap of $1.00 billion, a price-to-earnings ratio of -22.69 and a beta of 1.04. The company has a debt-to-equity ratio of 3,250.59, a quick ratio of 32.57 and a current ratio of 32.57.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last issued its quarterly earnings data on Wednesday, January 24th. The mining company reported ($0.03) earnings per share (EPS) for the quarter.

Institutional Trading of NovaGold Resources

Several hedge funds have recently bought and sold shares of NG. JPMorgan Chase & Co. lifted its stake in NovaGold Resources by 47.1% in the 1st quarter. JPMorgan Chase & Co. now owns 1,148,564 shares of the mining company’s stock worth $8,878,000 after purchasing an additional 367,773 shares in the last quarter. Raymond James & Associates raised its position in shares of NovaGold Resources by 19.9% during the 1st quarter. Raymond James & Associates now owns 87,901 shares of the mining company’s stock valued at $679,000 after buying an additional 14,573 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in NovaGold Resources in the 1st quarter worth about $78,000. Bank of New York Mellon Corp raised its position in NovaGold Resources by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 656,705 shares of the mining company’s stock worth $5,076,000 after purchasing an additional 8,220 shares during the period. Finally, MetLife Investment Management LLC raised its position in NovaGold Resources by 37.5% in the 1st quarter. MetLife Investment Management LLC now owns 112,267 shares of the mining company’s stock worth $868,000 after purchasing an additional 30,641 shares during the period. Hedge funds and other 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.