CIBC Increases Pretium Resources (NYSE:PVG) Price Target to $23.00

Pretium Resources (NYSE:PVG) (TSE:PVG) had its price target lifted by CIBC from $13.00 to $23.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. CIBC’s price objective points to a potential upside of 60.84% from the stock’s current price.

Other analysts have also recently issued reports about the stock. TheStreet raised shares of Pretium Resources from a “c” rating to a “b-” rating in a report on Thursday, August 20th. B. Riley boosted their target price on Pretium Resources from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Tuesday, May 19th. BMO Capital Markets increased their price target on Pretium Resources from $15.00 to $18.50 and gave the company an “outperform” rating in a research note on Friday, August 7th. Zacks Investment Research raised Pretium Resources from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a report on Wednesday, August 12th. Finally, HC Wainwright increased their target price on Pretium Resources from $10.50 to $17.50 and gave the company a “buy” rating in a research report on Monday, August 10th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $15.23.

Shares of NYSE:PVG traded up $0.04 during mid-day trading on Wednesday, reaching $14.30. 101,494 shares of the company were exchanged, compared to its average volume of 2,406,823. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.26 and a quick ratio of 1.10. Pretium Resources has a 1 year low of $4.05 and a 1 year high of $14.45. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 40.69 and a beta of 0.86. The firm’s 50-day simple moving average is $11.83 and its 200 day simple moving average is $8.89.

Pretium Resources (NYSE:PVG) (TSE:PVG) last posted its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.08. Pretium Resources had a net margin of 11.55% and a return on equity of 14.77%. The company had revenue of $166.57 million for the quarter, compared to analyst estimates of $152.90 million. On average, research analysts forecast that Pretium Resources will post 0.66 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of PVG. Amundi Pioneer Asset Management Inc. grew its position in Pretium Resources by 41.6% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 485,259 shares of the basic materials company’s stock worth $4,154,000 after buying an additional 142,459 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Pretium Resources by 35.3% in the 1st quarter. Victory Capital Management Inc. now owns 431,655 shares of the basic materials company’s stock worth $2,447,000 after purchasing an additional 112,555 shares in the last quarter. Aigen Investment Management LP purchased a new position in shares of Pretium Resources in the 1st quarter worth about $210,000. Swiss National Bank boosted its holdings in shares of Pretium Resources by 1.8% in the 1st quarter. Swiss National Bank now owns 342,648 shares of the basic materials company’s stock worth $1,920,000 after purchasing an additional 5,900 shares in the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of Pretium Resources in the 1st quarter worth about $200,000. Institutional investors and hedge funds own 57.21% of the company’s stock.

Pretium Resources Company Profile

Pretium Resources Inc acquires, explores for, and develops precious metal resource properties in the Americas. The company primarily explores for gold, silver, and copper deposits. Its principal project is the Brucejack project that consists of 4 mining leases and 6 mineral claims covering an area of 3,304 hectares located in northwestern British Columbia.

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