NovaGold Resources Inc. (NG) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of NovaGold Resources Inc. (NYSEMKT:NG) (TSE:NG) from a hold rating to a sell rating in a research report released on Tuesday morning.

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. “

Separately, BidaskClub raised NovaGold Resources from a sell rating to a hold rating in a research note on Friday, June 23rd.

Shares of NovaGold Resources (NYSEMKT:NG) traded up 0.808% during trading on Tuesday, hitting $4.365. The stock had a trading volume of 396,062 shares. The stock’s 50-day moving average price is $4.40 and its 200-day moving average price is $4.77. The company’s market cap is $1.40 billion. NovaGold Resources has a one year low of $3.78 and a one year high of $7.27.

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In related news, Director Gillyeard J. Leathley sold 7,000 shares of the business’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $5.65, for a total value of $39,550.00. Following the sale, the director now owns 84,940 shares of the company’s stock, valued at $479,911. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP David A. Ottewell sold 43,224 shares of the business’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $4.65, for a total transaction of $200,991.60. Following the completion of the sale, the vice president now directly owns 788,540 shares in the company, valued at approximately $3,666,711. The disclosure for this sale can be found here.

Several hedge funds have recently bought and sold shares of NG. Highbridge Capital Management LLC purchased a new stake in shares of NovaGold Resources during the fourth quarter worth about $119,000. Legacy Capital Partners Inc. raised its stake in shares of NovaGold Resources by 19.9% in the first quarter. Legacy Capital Partners Inc. now owns 31,300 shares of the mining company’s stock worth $153,000 after buying an additional 5,200 shares during the last quarter. Empyrean Capital Partners LP raised its stake in shares of NovaGold Resources by 13.0% in the fourth quarter. Empyrean Capital Partners LP now owns 2,619,564 shares of the mining company’s stock worth $11,945,000 after buying an additional 301,941 shares during the last quarter. Clearbridge Investments LLC raised its stake in shares of NovaGold Resources by 0.9% in the first quarter. Clearbridge Investments LLC now owns 2,458,184 shares of the mining company’s stock worth $11,971,000 after buying an additional 20,780 shares during the last quarter. Finally, OppenheimerFunds Inc. raised its stake in shares of NovaGold Resources by 10.0% in the first quarter. OppenheimerFunds Inc. now owns 110,000 shares of the mining company’s stock worth $536,000 after buying an additional 10,000 shares during the last quarter.

NovaGold Resources Company Profile

Novagold Resources Inc is a mineral exploration company. The Company is engaged in the exploration and development of mineral properties. The Company’s segments include the Donlin Gold project in Alaska, the United States and the Galore Creek project in British Columbia, Canada. The Company operates in the gold mining industry, primarily focused on advancing permitting of the Donlin Gold project in Alaska.