Empyrean Capital Partners LP trimmed its stake in NovaGold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 16.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,053,000 shares of the mining company's stock after selling 200,000 shares during the period. Empyrean Capital Partners LP owned approximately 0.31% of NovaGold Resources worth $3,643,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in NG. Allspring Global Investments Holdings LLC purchased a new stake in NovaGold Resources during the 1st quarter valued at $28,000. Sheaff Brock Investment Advisors LLC bought a new position in shares of NovaGold Resources during the 1st quarter valued at $32,000. AQR Capital Management LLC purchased a new position in shares of NovaGold Resources in the second quarter worth approximately $49,000. Evoke Wealth LLC bought a new stake in shares of NovaGold Resources during the 2nd quarter valued at $66,000. Finally, Cypress Wealth Services LLC purchased a new stake in NovaGold Resources in the second quarter worth about $70,000. Hedge funds and other institutional investors own 57.56% of the company's stock.
Analysts Set New Price Targets
NG has been the topic of a number of recent analyst reports. National Bank Financial cut NovaGold Resources from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 24th. StockNews.com cut NovaGold Resources from a "hold" rating to a "sell" rating in a report on Sunday, July 28th.
Read Our Latest Report on NovaGold Resources
NovaGold Resources Stock Performance
NG traded up $0.03 on Thursday, reaching $4.38. 192,812 shares of the stock were exchanged, compared to its average volume of 1,847,866. NovaGold Resources Inc. has a fifty-two week low of $2.22 and a fifty-two week high of $4.88. The stock has a market cap of $1.47 billion, a P/E ratio of -33.42 and a beta of 1.05.
NovaGold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last issued its earnings results on Wednesday, June 26th. The mining company reported ($0.04) EPS for the quarter.
About NovaGold Resources
(
Free Report)
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.
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