In a report released today, Heiko Ihle from H.C. Wainwright reiterated a Buy rating on Pretium Resources (PVG), with a price target of $16.50. The company’s shares closed yesterday at $8.86.
Ihle noted:
“We note that stopes above a cut-off grade of approximately 5 g/t gold are currently getting mined, though management anticipates grades and tonnage to increase by 2H19. Surprise Investor Day. We note that around 7:30pm on Pretium management announced an investor day at 8:00am the following morning in Toronto. The event was to discuss the updated Reserve estimates for the Kings amid an updated life of mine plan for the Brucejack Mine. Given the short notice, we were sadly unable to attend the event in person, though we had a chance to listen by webcast.”
According to TipRanks.com, Ihle has currently no stars on a ranking scale of 0-5 stars, with an average return of -2.7% and a 44.2% success rate. Ihle covers the Basic Materials sector, focusing on stocks such as Solitario Exploration & Royalty, Golden Star Resources Ltd, and Northern Dynasty Minerals.
Currently, the analyst consensus on Pretium Resources is a Strong Buy with an average price target of $16.34, an 84.4% upside from current levels. In a report issued on March 28, BMO Capital also reiterated a Buy rating on the stock.
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Based on Pretium Resources’ latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $2.85 million. In comparison, last year the company had a GAAP net loss of $8.06 million.
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Pretium Resources, Inc. engages in the acquisition, exploration, development and operation 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.
