NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Down After Earnings Miss

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shares gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.20, but opened at $4.02. NovaGold Resources shares last traded at $3.97, with a volume of 200,368 shares changing hands.

The mining company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01).

Analysts Set New Price Targets

NG has been the topic of several research reports. StockNews.com downgraded NovaGold Resources from a “hold” rating to a “sell” rating in a report on Sunday, July 28th. National Bank Financial downgraded NovaGold Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 24th.

Institutional Investors Weigh In On NovaGold Resources

A number of institutional investors and hedge funds have recently modified their holdings of the business. Paulson & CO. Inc. boosted its holdings in NovaGold Resources by 5.9% during the fourth quarter. Paulson & CO. Inc. now owns 23,541,483 shares of the mining company’s stock worth $88,045,000 after buying an additional 1,315,183 shares during the last quarter. First Eagle Investment Management LLC boosted its stake in NovaGold Resources by 16.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company’s stock worth $74,340,000 after acquiring an additional 3,042,480 shares during the last quarter. Lingotto Investment Management LLP grew its holdings in NovaGold Resources by 10.2% during the second quarter. Lingotto Investment Management LLP now owns 19,428,261 shares of the mining company’s stock valued at $67,222,000 after purchasing an additional 1,790,528 shares during the period. Vanguard Group Inc. increased its stake in NovaGold Resources by 3.7% in the first quarter. Vanguard Group Inc. now owns 10,378,109 shares of the mining company’s stock valued at $31,134,000 after purchasing an additional 367,401 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in NovaGold Resources by 1.0% in the first quarter. Van ECK Associates Corp now owns 9,567,134 shares of the mining company’s stock worth $28,701,000 after purchasing an additional 94,205 shares during the period. 57.56% of the stock is owned by institutional investors.

NovaGold Resources Trading Down 11.2 %

The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -29.69 and a beta of 1.05.

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.