NovaGold Resources Inc. (NYSEAMERICAN:NG – Get Free Report) (TSE:NG)’s stock price gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $4.20, but opened at $4.02. NovaGold Resources shares last traded at $3.97, with a volume of 200,368 shares changing hands.
The mining company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01).
Wall Street Analyst Weigh In
Several research firms have recently issued reports on NG. National Bank Financial lowered NovaGold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 24th. StockNews.com cut shares of NovaGold Resources from a “hold” rating to a “sell” rating in a research report on Sunday, July 28th.
Hedge Funds Weigh In On NovaGold Resources
Large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new position in NovaGold Resources during the 1st quarter valued at about $28,000. Sheaff Brock Investment Advisors LLC purchased a new position in shares of NovaGold Resources in the 1st quarter valued at approximately $32,000. AQR Capital Management LLC acquired a new stake in NovaGold Resources in the 2nd quarter worth approximately $49,000. Evoke Wealth LLC purchased a new stake in NovaGold Resources during the 2nd quarter worth approximately $66,000. Finally, Cypress Wealth Services LLC purchased a new stake in NovaGold Resources during the 2nd quarter worth approximately $70,000. Institutional investors own 57.56% of the company’s stock.
NovaGold Resources Stock Performance
The company has a market cap of $1.15 billion, a PE ratio of -26.85 and a beta of 1.05.
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.
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