B.Riley FBR analyst Lucas Pipes reiterated a Buy rating on Novagold Resources Inc New (NG) today and set a price target of $8. The company’s shares closed on Friday at $6.13, equals to its 52-week high of $6.13.
“We are reiterating our Buy rating on NOVAGOLD (NG-US) and increasing our target price from $7 to $8 on the company’s continued strong execution as well as gold prices that have increased to $1,418/oz last week, well above our prior base assumption of $1,300/oz and updated price deck for Donlin of $1,350/oz. As a reminder, having secured key federal permits for its Donlin asset last year, the focus remains on making progress on the state permitting process. The company provided an update along with 2Q19 results on June 27.”
According to TipRanks.com, Pipes is a 1-star analyst with an average return of -0.8% and a 44.5% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Peabody Energy Corporation Comm, Covia Holdings Corporation, and CONSOL Coal Resources LP.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Novagold Resources Inc New with a $8 average price target.
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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 $5.52 million. In comparison, last year the company had a GAAP net loss of $9.63 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.