Pretium Resources (NYSE:PVG) Upgraded to Buy 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 released on Thursday, Zacks.com reports. Zacks Investment Research currently has $13.00 price objective 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. “

A number of other equities research analysts have also commented on the company. ValuEngine upgraded Pretium Resources from a hold rating to a buy rating in a research report on Saturday, June 1st. Canaccord Genuity restated an average rating and set a $17.75 price objective on shares of Pretium Resources in a research report on Friday, July 19th. BMO Capital Markets set a $24.00 price objective on Pretium Resources and gave the stock a buy rating in a research report on Friday, September 6th. B. Riley raised their price objective on Pretium Resources from $22.60 to $25.40 and gave the stock a buy rating in a research report on Monday. Finally, Royal Bank of Canada restated a buy rating on shares of Pretium Resources in a research report on Monday, August 26th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $18.16.



Shares of NYSE:PVG traded down $0.34 during midday trading on Thursday, reaching $11.16. The company had a trading volume of 371,101 shares, compared to its average volume of 2,103,847. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.44 and a current ratio of 0.63. Pretium Resources has a 1-year low of $6.65 and a 1-year high of $13.83. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 20.67 and a beta of -0.50. The company has a fifty day simple moving average of $12.48 and a two-hundred day simple moving average of $9.73.

Pretium Resources (NYSE:PVG) (TSE:PVG) last released its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.03. Pretium Resources had a return on equity of 8.83% and a net margin of 6.48%. The business had revenue of $113.20 million during the quarter, compared to analyst estimates of $143.99 million. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. Analysts expect that Pretium Resources will post 0.7 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Letko Brosseau & Associates Inc. raised its stake in shares of Pretium Resources by 3.3% during the 1st quarter. Letko Brosseau & Associates Inc. now owns 14,564,497 shares of the basic materials company’s stock worth $124,501,000 after purchasing an additional 466,100 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Pretium Resources by 4.4% during the 2nd quarter. Vanguard Group Inc. now owns 4,626,044 shares of the basic materials company’s stock worth $46,307,000 after purchasing an additional 195,522 shares in the last quarter. Morgan Stanley raised its stake in shares of Pretium Resources by 22.0% during the 2nd quarter. Morgan Stanley now owns 3,066,473 shares of the basic materials company’s stock worth $30,696,000 after purchasing an additional 553,135 shares in the last quarter. Waterton Global Resource Management Inc. raised its stake in shares of Pretium Resources by 1.8% during the 2nd quarter. Waterton Global Resource Management Inc. now owns 2,962,667 shares of the basic materials company’s stock worth $29,656,000 after purchasing an additional 53,431 shares in the last quarter. Finally, Investec Asset Management LTD raised its stake in shares of Pretium Resources by 70.4% during the 2nd quarter. Investec Asset Management LTD now owns 1,874,535 shares of the basic materials company’s stock worth $18,778,000 after purchasing an additional 774,417 shares in the last quarter. Hedge funds and other institutional investors own 51.48% of the company’s stock.

About Pretium Resources

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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