Pretium Resources (PVG) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Pretium Resources (NYSE:PVG) (TSE:PVG) from a hold rating to a buy rating in a research note published on Wednesday morning. The brokerage currently has $9.00 price target on the basic materials company’s stock.
According to Zacks, “Pretium Resources Inc. is engaged in the acquisition, exploration and development of precious metal resource properties in the Americas. The Company owns the Snowfield and Brucejack Projects located in Northwest British Columbia, Canada. Its mineral interests consist of gold/copper/silver exploration projects. Pretium Resources Inc. is headquartered in Vancouver, Canada. “
Several other research analysts have also issued reports on the stock. ValuEngine lowered shares of Pretium Resources from a hold rating to a sell rating in a research note on Thursday, September 6th. Citigroup cut their target price on shares of Pretium Resources from $13.00 to $12.00 and set a buy rating on the stock in a research note on Wednesday, August 29th. Finally, HC Wainwright set a $15.00 target price on shares of Pretium Resources and gave the stock a buy rating in a research note on Tuesday, September 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $12.60.
Pretium Resources (NYSE:PVG) (TSE:PVG) last posted its quarterly earnings data on Thursday, August 9th. The basic materials company reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.08. Pretium Resources had a net margin of 3.22% and a return on equity of 8.67%. The company had revenue of $146.48 million for the quarter, compared to analyst estimates of $141.20 million. Equities research analysts forecast that Pretium Resources will post 0.6 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of PVG. Wells Fargo & Company MN boosted its stake in Pretium Resources by 127.9% during the first quarter. Wells Fargo & Company MN now owns 251,602 shares of the basic materials company’s stock worth $1,676,000 after acquiring an additional 141,223 shares in the last quarter. Swiss National Bank boosted its stake in Pretium Resources by 3.2% during the first quarter. Swiss National Bank now owns 268,348 shares of the basic materials company’s stock worth $1,781,000 after acquiring an additional 8,400 shares in the last quarter. BlackRock Inc. boosted its stake in Pretium Resources by 19.8% during the first quarter. BlackRock Inc. now owns 509,965 shares of the basic materials company’s stock worth $3,397,000 after acquiring an additional 84,348 shares in the last quarter. Baird Financial Group Inc. bought a new position in Pretium Resources during the first quarter worth $1,075,000. Finally, UBS Group AG boosted its stake in Pretium Resources by 8,477.2% during the first quarter. UBS Group AG now owns 207,996 shares of the basic materials company’s stock worth $1,386,000 after acquiring an additional 205,571 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.
About Pretium Resources
Pretium Resources Inc acquires, explores for, and develops precious metal resource properties in the Americas. It primarily explores for gold, silver, and copper deposits. The company's principal project is the Brucejack project comprising 4 mining leases and 6 mineral claims covering an area of 3,304 hectares located in northwestern British Columbia.
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