Pan African Resources (LON:PAF) Reaches New 52-Week High - Time to Buy?

Key Points

• Pan African Resources PLC shares reached a new 52-week high of GBX 64.80 ($0.88) during trading, marking significant upward momentum.
• Berenberg Bank raised its price target for the company's stock from GBX 55 to GBX 71 and maintained a "buy" rating for the shares.
• The company is a mid-tier gold producer in Africa, with an annual production capacity exceeding 200,000 oz/year from its underground mines.

Pan African Resources PLC (LON:PAF - Get Free Report) shares hit a new 52-week high during trading on Monday . The company traded as high as GBX 64.80 ($0.88) and last traded at GBX 64.50 ($0.87), with a volume of 323141 shares trading hands. The stock had previously closed at GBX 63.20 ($0.85).

Analysts Set New Price Targets

Separately, Berenberg Bank boosted their price objective on shares of Pan African Resources from GBX 55 to GBX 71 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of GBX 53.

Pan African Resources Stock Performance

The company has a debt-to-equity ratio of 35.80, a current ratio of 0.78 and a quick ratio of 0.74. The stock's 50-day simple moving average is GBX 55.26 and its 200 day simple moving average is GBX 47.32. The stock has a market capitalization of £1.31 billion, a P/E ratio of 1,479.36, a PEG ratio of 8.95 and a beta of 0.89.

About Pan African Resources

Pan African is an African-focused mid-tier gold producer, with annual production capacity of over 200,000 oz/year from long-life (+20 years) underground mines in the prolific Witwatersrand Basin and the Barberton Greenstone Belt, as well as from low-cost high-margin environmentally remediating surface remining operations.

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