JP Morgan Upgrades NovaGold Resources (USA) to Overweight

Brokerage firm JP Morgan Upgrades its rating on NovaGold Resources (USA)(NYSEMKT:NG). The shares have been rated Overweight. Previously, the analysts had a Neutral rating on the shares. The rating by JP Morgan was issued on Sep 27, 2016.

NovaGold Resources (USA) (NG) shares turned negative on Fridays trading session with the shares closing down -0.11 points or -1.93% at a volume of 22,46,905. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $5.87. The peak price level was also seen at $5.87 while the days lowest was $5.52. Finally the shares closed at $5.6. The 52-week high of the shares is $7.29 while the 52-week low is $3.05. According to the latest information available, the market cap of the company is $1,792 M.

NovaGold Resources (USA)(NG) last announced its earnings results on Jun 27, 2016 for Fiscal Year 2016 and Q2.Earnings per share were $-0.03. Analysts had estimated an EPS of $-0.02.

Several Insider Transactions has been reported to the SEC. On Apr 13, 2016, & Co. Inc. Paulson (10% owner) sold 1,129,771 shares at $6.15 per share price.Also, On Mar 4, 2016, David Deisley (Exec. VP & General Counsel) sold 106,582 shares at $6.95 per share price.

NOVAGOLD RESOURCES INC. (NOVAGOLD) is engaged in the exploration and development of mineral properties. The Company operates in the mining industry focused on the exploration for and development of gold and copper mineral properties. The Company’s principal assets include a 50% interest in the Donlin Gold project in Alaska the United States and a 50% interest in the Galore Creek project in British Columbia Canada. The Company’s primary focus is on the Donlin Gold project. The Donlin Gold project is owned and operated by Donlin Gold LLC a limited liability company that is owned equally by wholly owned subsidiaries of NOVAGOLD and Barrick Gold Corporation (Barrick). The Galore Creek project is owned by the Galore Creek Partnership a partnership in which NOVAGOLD Canada Inc a wholly owned subsidiary of NOVAGOLD owns approximately 50% interest. The Company has no operations or realized revenues from its planned principal business purpose.

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