In a report released today, Lucas Pipes from B.Riley FBR reiterated a Buy rating on Novagold Resources Inc New (NYSE: NG), with a price target of $7. The company’s shares opened today at $3.91.
Pipes commented:
“after market close, NOVAGOLD (NG) released 3Q results. The company reiterated its significant mile marks achieved in 3Q, including the Record of Decision (ROD) for Donlin and the successful sale of Galore Creek. After receiving the ROD in 3Q, the company now looks to solidify its execution plan and integrate its drill program results into its resource model before moving on to an updated feasibility study to reflect an optimized development plan. As a result of work optimization at Donlin, reduced permitting expenditures, and the sale of Galore Creek, NG improved their budget for the year—expecting to spend $23.5M in 2018 or $4.5M less than 2Q guidance.”
According to TipRanks.com, Pipes is a 4-star analyst with an average return of 6.8% and a 59.3% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Peabody Energy Corporation Comm, Newmont Mining Corporation, and CONSOL Coal Resources LP.
Currently, the analyst consensus on Novagold Resources Inc New is a Moderate Buy with an average price target of $7.
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Based on Novagold Resources Inc New’s latest earnings release for the quarter ending May 31, the company reported a quarterly GAAP net loss of $9.63 million. In comparison, last year the company had a GAAP net loss of $10.39 million.
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NovaGold Resources, Inc. engages in the acquisition, exploration, and development of metal properties primarily located in Alaska and British Columbia. Its developments include Donlin Gold and Galore Creek projects.
