NovaGold Resources (NYSEAMERICAN:NG) Shares Gap Down on Disappointing Earnings

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) 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 traded.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. National Bank Financial cut NovaGold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 24th. StockNews.com lowered shares of NovaGold Resources from a “hold” rating to a “sell” rating in a research note on Sunday, July 28th.

Institutional Trading of NovaGold Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC lifted its position in NovaGold Resources by 18.6% during the 3rd quarter. SG Americas Securities LLC now owns 196,785 shares of the mining company’s stock worth $807,000 after acquiring an additional 30,833 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of NovaGold Resources by 3.0% during the second quarter. The Manufacturers Life Insurance Company now owns 293,306 shares of the mining company’s stock worth $1,022,000 after purchasing an additional 8,521 shares during the period. AQR Capital Management LLC purchased a new stake in NovaGold Resources in the second quarter valued at approximately $49,000. Evoke Wealth LLC acquired a new position in NovaGold Resources in the 2nd quarter worth approximately $66,000. Finally, Sei Investments Co. raised its position in NovaGold Resources by 6.3% during the 2nd quarter. Sei Investments Co. now owns 428,410 shares of the mining company’s stock worth $1,482,000 after buying an additional 25,290 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

NovaGold Resources Trading Down 13.1 %

The company has a market cap of $1.22 billion, a P/E ratio of -28.15 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.