Pan African Resources (LON:PAF) Trading 4% Higher - Here's Why

Key Points

• Pan African Resources PLC saw a 4% increase in stock price, trading up to GBX 82.70 ($1.13) on high trading volume of nearly 9 million shares.
• Berenberg Bank raised its target price for Pan African Resources from GBX 71 to GBX 83, maintaining a "buy" rating, contributing to a consensus rating of "Buy" for the stock.
• The company, a mid-tier gold producer, boasts an annual production capacity of over 200,000 oz/year from long-life underground mines and environmentally remediating surface operations.

Pan African Resources PLC (LON:PAF - Get Free Report) traded up 4% on Wednesday . The stock traded as high as GBX 83 ($1.13) and last traded at GBX 82.70 ($1.13). 8,947,369 shares traded hands during trading, an increase of 39% from the average session volume of 6,444,745 shares. The stock had previously closed at GBX 79.50 ($1.09).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank increased 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 equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of GBX 83.

Pan African Resources Trading Down 3.5%

The business has a fifty day moving average price of GBX 61.55 and a 200 day moving average price of GBX 50.50. The company has a market capitalization of £1.62 billion, a PE ratio of 1,830.28, a P/E/G ratio of 8.95 and a beta of 0.89. The company has a debt-to-equity ratio of 35.80, a quick ratio of 0.74 and a current ratio of 0.78.

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.

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