Pan African Resources (LON:PAF) Shares Up 4% - Time to Buy?

Key Points

• Pan African Resources shares surged 4% during mid-day trading, reaching a high of GBX 83 ($1.13), with a total trading volume of 8,947,369 shares, a 39% increase from the average session volume.
• Berenberg Bank raised its price target for Pan African Resources from GBX 71 to GBX 83, maintaining a "buy" rating on the stock.
• The company has a market capitalization of £1.64 billion and an impressive annual production capacity of over 200,000 oz/year from its underground mines in South Africa.

Shares of Pan African Resources PLC (LON:PAF - Get Free Report) shot up 4% on Wednesday . The stock traded as high as GBX 83 ($1.12) and last traded at GBX 82.70 ($1.11). 8,947,369 shares were traded during mid-day trading, an increase of 39% from the average session volume of 6,444,745 shares. The stock had previously closed at GBX 79.50 ($1.07).

Analyst Ratings Changes

Separately, Berenberg Bank upped their target price on Pan African Resources from GBX 71 to GBX 83 and gave the stock a "buy" rating in a research report on Friday, September 12th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Pan African Resources has an average rating of "Buy" and a consensus target price of GBX 83.

Pan African Resources Trading Up 4.7%

The company has a fifty day moving average of GBX 63.54 and a two-hundred day moving average of GBX 51.50. The company has a current ratio of 0.78, a quick ratio of 0.74 and a debt-to-equity ratio of 35.80. The stock has a market capitalization of £1.73 billion, a price-to-earnings ratio of 1,951.83, a price-to-earnings-growth ratio of 8.95 and a beta of 0.89.

Pan African Resources Company Profile

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.