Pretium Resources (NYSE:PVG) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Pretium Resources (NYSE:PVG) (TSE:PVG) from a buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

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. ValuEngine lowered Pretium Resources from a hold rating to a sell rating in a research report on Thursday, October 31st. Scotiabank set a $15.00 target price on Pretium Resources and gave the company a hold rating in a report on Wednesday, September 18th. B. Riley dropped their target price on Pretium Resources from $25.40 to $23.40 and set a buy rating on the stock in a report on Monday, October 21st. Royal Bank of Canada lowered Pretium Resources from an outperform rating to a sector perform rating and dropped their target price for the company from $20.00 to $16.00 in a report on Friday, November 1st. Finally, BMO Capital Markets set a $24.00 target price on Pretium Resources and gave the company a buy rating in a report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $17.21.

Pretium Resources stock opened at $8.87 on Wednesday. Pretium Resources has a twelve month low of $6.65 and a twelve month high of $13.83. The stock’s fifty day simple moving average is $11.55 and its 200-day simple moving average is $10.62. The company has a current ratio of 0.38, a quick ratio of 0.23 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $1.65 billion, a P/E ratio of 16.43 and a beta of -0.62.

Pretium Resources (NYSE:PVG) (TSE:PVG) last posted its quarterly earnings data on Wednesday, October 30th. The basic materials company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.03). Pretium Resources had a return on equity of 9.57% and a net margin of 5.18%. The company had revenue of $132.74 million for the quarter, compared to analysts’ expectations of $165.97 million. Sell-side analysts predict that Pretium Resources will post 0.47 earnings per share for the current year.

Large investors have recently bought and sold shares of the stock. Advisor Group Inc. boosted its stake in Pretium Resources by 12.8% in the second quarter. Advisor Group Inc. now owns 13,995 shares of the basic materials company’s stock valued at $141,000 after acquiring an additional 1,583 shares in the last quarter. CIBC Asset Management Inc boosted its stake in Pretium Resources by 2.2% in the second quarter. CIBC Asset Management Inc now owns 159,573 shares of the basic materials company’s stock valued at $1,595,000 after acquiring an additional 3,385 shares in the last quarter. Clean Yield Group boosted its stake in Pretium Resources by 22.5% in the second quarter. Clean Yield Group now owns 19,600 shares of the basic materials company’s stock valued at $196,000 after acquiring an additional 3,600 shares in the last quarter. Usca Ria LLC acquired a new position in Pretium Resources in the third quarter valued at $46,000. Finally, Steward Partners Investment Advisory LLC acquired a new position in Pretium Resources in the third quarter valued at $47,000. 51.09% of the stock is currently 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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