NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
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. “
Shares of NYSEAMERICAN NG opened at $3.92 on Thursday. NovaGold Resources has a 12-month low of $3.35 and a 12-month high of $5.05.
NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its quarterly earnings results on Tuesday, October 2nd. The mining company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.01.
In related news, Director Diane R. Garrett acquired 7,000 shares of the stock in a transaction that occurred on Monday, December 3rd. The stock was purchased at an average price of $3.72 per share, with a total value of $26,040.00. Following the transaction, the director now owns 9,718 shares of the company’s stock, valued at approximately $36,150.96. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gregory A. Lang sold 11,836 shares of the stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $4.18, for a total transaction of $49,474.48. Following the transaction, the insider now directly owns 1,340,529 shares of the company’s stock, valued at approximately $5,603,411.22. The disclosure for this sale can be found here. In the last three months, insiders sold 561,953 shares of company stock valued at $2,255,823.
Several large investors have recently bought and sold shares of NG. First Eagle Investment Management LLC boosted its position in shares of NovaGold Resources by 24.8% during the 3rd quarter. First Eagle Investment Management LLC now owns 6,856,809 shares of the mining company’s stock worth $25,439,000 after purchasing an additional 1,361,369 shares during the period. Morgan Stanley boosted its position in shares of NovaGold Resources by 45.8% during the 3rd quarter. Morgan Stanley now owns 2,800,572 shares of the mining company’s stock worth $10,389,000 after purchasing an additional 880,228 shares during the period. Levin Capital Strategies L.P. boosted its position in shares of NovaGold Resources by 81.2% during the 2nd quarter. Levin Capital Strategies L.P. now owns 1,783,786 shares of the mining company’s stock worth $7,938,000 after purchasing an additional 799,483 shares during the period. Bank of Montreal Can boosted its position in shares of NovaGold Resources by 88.8% during the 3rd quarter. Bank of Montreal Can now owns 1,399,026 shares of the mining company’s stock worth $5,190,000 after purchasing an additional 657,875 shares during the period. Finally, Investec Asset Management LTD purchased a new position in shares of NovaGold Resources during the 2nd quarter worth approximately $2,597,000.
About NovaGold Resources
NovaGold Resources Inc explores for and develops mineral properties in Canada and the United States. The company primarily explores for gold, silver, and copper deposits. It primarily holds a 50% interest in the Donlin Gold property that covers an area of 71,420 acres located in the Kuskokwim region of southwestern Alaska.
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