Pretium Resources (NYSE:PVG) Rating Increased to Buy at Zacks Investment Research

Pretium Resources (NYSE:PVG) (TSE:PVG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The firm currently has a $12.00 target price on the basic materials company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 13.53% from the company’s previous close.

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. “

PVG has been the topic of a number of other research reports. B. Riley cut their price objective on shares of Pretium Resources from $25.40 to $23.40 and set a “buy” rating on the stock in a research report on Monday, October 21st. HC Wainwright reiterated a “buy” rating and set a $20.50 price objective on shares of Pretium Resources in a research report on Friday, November 1st. ValuEngine cut shares of Pretium Resources from a “hold” rating to a “sell” rating in a research report on Friday, January 10th. CIBC reiterated a “hold” rating on shares of Pretium Resources in a research report on Wednesday, September 18th. Finally, Royal Bank of Canada cut shares of Pretium Resources from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $20.00 to $16.00 in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $17.07.

Shares of PVG opened at $10.57 on Wednesday. The company’s fifty day moving average is $10.50 and its 200 day moving average is $11.20. Pretium Resources has a fifty-two week low of $6.65 and a fifty-two week high of $13.83. The stock has a market capitalization of $1.92 billion, a PE ratio of 19.57 and a beta of -0.64. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.23 and a current ratio of 0.38.

Pretium Resources (NYSE:PVG) (TSE:PVG) last announced its quarterly earnings results on Wednesday, October 30th. The basic materials company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.03). Pretium Resources had a return on equity of 9.57% and a net margin of 5.18%. The business had revenue of $132.74 million during the quarter, compared to the consensus estimate of $165.97 million. As a group, research analysts forecast that Pretium Resources will post 0.47 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. lifted its stake in Pretium Resources by 41.6% in 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 acquiring an additional 142,459 shares during the period. Wells Fargo & Company MN lifted its position in shares of Pretium Resources by 100.5% during the second quarter. Wells Fargo & Company MN now owns 223,649 shares of the basic materials company’s stock valued at $2,239,000 after buying an additional 112,112 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Pretium Resources during the second quarter valued at about $651,000. A.R.T. Advisors LLC acquired a new position in shares of Pretium Resources during the second quarter valued at about $305,000. Finally, Vanguard Group Inc. increased its holdings in shares of Pretium Resources by 4.4% during the second quarter. Vanguard Group Inc. now owns 4,626,044 shares of the basic materials company’s stock valued at $46,307,000 after acquiring an additional 195,522 shares in the last quarter. 52.25% of the stock is owned by hedge funds and other institutional investors.

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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