CIBC Lowers Premier Gold Mines (PG) Price Target to C$3.00

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Premier Gold Mines (TSE:PG) had its target price decreased by equities research analysts at CIBC from C$3.75 to C$3.00 in a research report issued on Thursday. CIBC’s price target suggests a potential upside of 67.60% from the company’s current price.

Several other brokerages have also issued reports on PG. Scotiabank restated an “outperform” rating and set a C$4.75 target price on shares of Premier Gold Mines in a research report on Wednesday, May 16th. TD Securities dropped their target price on Premier Gold Mines from C$3.25 to C$3.00 and set a “hold” rating for the company in a research report on Thursday, August 9th. Finally, Royal Bank of Canada restated an “outperform” rating and set a C$4.50 target price on shares of Premier Gold Mines in a research report on Thursday, July 5th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of C$4.00.

PG traded up C$0.02 on Thursday, hitting C$1.79. The company had a trading volume of 121,589 shares, compared to its average volume of 316,928. Premier Gold Mines has a 12-month low of C$1.75 and a 12-month high of C$4.11.

Premier Gold Mines (TSE:PG) last released its quarterly earnings results on Tuesday, August 7th. The mining company reported C($0.05) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of C($0.01) by C($0.04). Premier Gold Mines had a return on equity of 3.98% and a net margin of 6.21%. The company had revenue of C$35.45 million during the quarter.

In other news, Director John Seaman sold 47,500 shares of Premier Gold Mines stock in a transaction that occurred on Wednesday, July 11th. The shares were sold at an average price of C$2.74, for a total transaction of C$130,150.00. Also, insider Shaun Anthony Drake sold 20,000 shares of Premier Gold Mines stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of C$1.96, for a total transaction of C$39,200.00. In the last 90 days, insiders have acquired 47,700 shares of company stock valued at $102,490 and have sold 120,000 shares valued at $314,300.

Premier Gold Mines Company Profile

Premier Gold Mines Limited explores for, develops, and produces gold and silver deposits in Canada, the United States, and Mexico. It principally holds a 100% interest in the Mercedes Mine property located in the Southeast of Magdalena de Kino, in Sonora State, Mexico; a 40% interest in the South Arturo Mine situated in Elko County, Nevada; a 50% interest in the Greenstone Gold property, which includes the Hardrock project located in Ontario; a 100% interest in the McCoy-Cove project situated in Nevada; a 44% interest in the Rahil Bonaza project located in Northwestern Ontario; and a 100% interest in the Hasaga project situated in Red Lake Mining District, Ontario.

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Analyst Recommendations for Premier Gold Mines (TSE:PG)

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