Zacks Investment Research Lowers Pretium Resources (PVG) to Hold

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Zacks Investment Research lowered shares of Pretium Resources (NYSE:PVG) (TSE:PVG) from a strong-buy rating to a hold rating in a research note issued to investors on Thursday.

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 brokerages have also issued reports on PVG. ValuEngine raised Pretium Resources from a strong sell rating to a sell rating in a research note on Friday, June 15th. HC Wainwright reaffirmed a buy rating and issued a $15.00 target price on shares of Pretium Resources in a research note on Friday, May 11th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $12.88.

Shares of PVG opened at $8.57 on Thursday. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 85.70 and a beta of -0.20. The company has a quick ratio of 0.20, a current ratio of 0.26 and a debt-to-equity ratio of 0.44. Pretium Resources has a 1 year low of $6.17 and a 1 year high of $12.44.

Pretium Resources (NYSE:PVG) (TSE:PVG) last issued its earnings results on Thursday, August 9th. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.08. The business had revenue of $146.48 million during the quarter, compared to analyst estimates of $141.20 million. Pretium Resources had a return on equity of 8.75% and a net margin of 3.22%. sell-side analysts anticipate that Pretium Resources will post 0.61 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in PVG. Letko Brosseau & Associates Inc. purchased a new stake in shares of Pretium Resources during the first quarter valued at approximately $31,733,000. Van ECK Associates Corp boosted its stake in shares of Pretium Resources by 14.8% during 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 period. Sound Point Capital Management LP purchased a new stake in shares of Pretium Resources during the first quarter valued at approximately $8,494,000. Franklin Resources Inc. boosted its stake in shares of Pretium Resources by 40.2% during the first quarter. Franklin Resources Inc. now owns 3,950,200 shares of the basic materials company’s stock valued at $26,217,000 after purchasing an additional 1,132,000 shares during the period. Finally, Heartland Advisors Inc. purchased a new stake in shares of Pretium Resources during the first quarter valued at approximately $6,667,000. 51.37% of the stock is owned by hedge funds and other institutional investors.

About Pretium Resources

Pretium Resources, Inc engages in the acquisition, exploration, and development of gold and precious metals resource properties. Its projects include Snowfield and Brucejack which are located in British Columbia. The company was founded by Robert Allan Quartermain on October 22, 2010 and is headquartered in Vancouver, Canada.

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