Pretium Resources (PVG) Upgraded to “Buy” at Zacks Investment Research

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Pretium Resources (NYSE:PVG) (TSE:PVG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage currently has a $8.75 target price on the basic materials company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 16.05% 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. “

Several other equities research analysts also recently weighed in on PVG. ValuEngine downgraded Pretium Resources from a “hold” rating to a “sell” rating in a research report on Monday, July 16th. HC Wainwright set a $15.00 target price on Pretium Resources and gave the stock a “buy” rating in a research report on Friday, August 10th. Citigroup decreased their target price on Pretium Resources from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Wednesday, August 29th. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of Pretium Resources in a research report on Sunday, October 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. Pretium Resources presently has an average rating of “Buy” and a consensus target price of $12.55.

Shares of NYSE PVG opened at $7.54 on Thursday. Pretium Resources has a 1-year low of $6.17 and a 1-year high of $11.90. The company has a quick ratio of 0.36, a current ratio of 0.40 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $1.33 billion, a PE ratio of 75.40 and a beta of 0.25.

Pretium Resources (NYSE:PVG) (TSE:PVG) last issued its earnings results on Thursday, November 8th. The basic materials company reported $0.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.04. Pretium Resources had a return on equity of 8.67% and a net margin of 3.22%. On average, research analysts anticipate that Pretium Resources will post 0.56 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of PVG. JPMorgan Chase & Co. purchased a new position in Pretium Resources in the third quarter valued at about $41,137,000. Letko Brosseau & Associates Inc. boosted its holdings in Pretium Resources by 50.1% in the third quarter. Letko Brosseau & Associates Inc. now owns 12,917,800 shares of the basic materials company’s stock valued at $98,138,000 after purchasing an additional 4,310,900 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Pretium Resources by 14.8% in the second quarter. Van ECK Associates Corp now owns 22,825,820 shares of the basic materials company’s stock valued at $167,542,000 after purchasing an additional 2,937,669 shares during the last quarter. Bank of Montreal Can boosted its holdings in Pretium Resources by 17.3% in the third quarter. Bank of Montreal Can now owns 8,232,651 shares of the basic materials company’s stock valued at $62,650,000 after purchasing an additional 1,214,100 shares during the last quarter. Finally, Heartland Advisors Inc. boosted its holdings in Pretium Resources by 78.1% in the second quarter. Heartland Advisors Inc. now owns 1,782,300 shares of the basic materials company’s stock valued at $13,082,000 after purchasing an additional 781,300 shares during the last quarter. 52.85% 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. 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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