NovaGold Resources (NYSEAMERICAN:NG) Shares Up 5.1% – Should You Buy?

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) was up 5.1% during trading on Tuesday . The stock traded as high as $3.74 and last traded at $3.73. Approximately 351,231 shares traded hands during trading, a decline of 79% from the average daily volume of 1,707,930 shares. The stock had previously closed at $3.55.

Wall Street Analyst Weigh In

Separately, Citigroup upgraded shares of NovaGold Resources to a “strong-buy” rating in a research note on Thursday, October 3rd.

NovaGold Resources Stock Up 5.1 %

The company has a market cap of $1.25 billion, a P/E ratio of -28.92 and a beta of 1.07.

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

Institutional Investors Weigh In On NovaGold Resources

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in NovaGold Resources by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 10,378,109 shares of the mining company’s stock valued at $31,134,000 after acquiring an additional 367,401 shares during the period. American Century Companies Inc. acquired a new stake in NovaGold Resources in the second quarter valued at $2,029,000. First Eagle Investment Management LLC increased its holdings in NovaGold Resources by 16.5% in the second quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company’s stock valued at $74,340,000 after purchasing an additional 3,042,480 shares during the period. Bank of New York Mellon Corp raised its position in NovaGold Resources by 24.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 897,411 shares of the mining company’s stock worth $3,105,000 after purchasing an additional 173,817 shares during the last quarter. Finally, Lingotto Investment Management LLP lifted its holdings in NovaGold Resources by 10.2% during the 2nd quarter. Lingotto Investment Management LLP now owns 19,428,261 shares of the mining company’s stock worth $67,222,000 after buying an additional 1,790,528 shares during the period. 57.56% of the stock is currently owned by institutional investors and hedge funds.

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.