National Bank of Canada FI Purchases 138,868 Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG)

National Bank of Canada FI increased its position in NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 98.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 280,335 shares of the mining company’s stock after purchasing an additional 138,868 shares during the quarter. National Bank of Canada FI owned approximately 0.08% of NovaGold Resources worth $1,152,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northwest & Ethical Investments L.P. bought a new position in shares of NovaGold Resources during the third quarter valued at approximately $31,000. AQR Capital Management LLC bought a new stake in NovaGold Resources in the second quarter worth $49,000. Evoke Wealth LLC purchased a new stake in shares of NovaGold Resources in the second quarter worth $66,000. Banque Cantonale Vaudoise bought a new position in shares of NovaGold Resources during the third quarter valued at $102,000. Finally, Fore Capital LLC purchased a new position in shares of NovaGold Resources in the 2nd quarter worth about $104,000. 57.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Citigroup raised NovaGold Resources to a “strong-buy” rating in a report on Thursday, October 3rd.

NovaGold Resources Trading Down 4.8 %

Shares of NovaGold Resources stock opened at $3.40 on Friday. NovaGold Resources Inc. has a one year low of $2.22 and a one year high of $4.88. The firm has a market capitalization of $1.14 billion, a P/E ratio of -26.15 and a beta of 1.07.

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

NovaGold Resources 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.