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

Key Points

• Pan African Resources shares increased by 4%, trading at approximately GBX 82.70 ($1.13) during mid-day trading, with a significant surge in trading volume.
• Berenberg Bank raised their price target for the stock from GBX 71 to GBX 83, maintaining a "buy" rating, with the average target price also set at GBX 83.
• The company is recognized as a major mid-tier gold producer in Africa, operating long-life underground mines and environmentally sustainable surface mining operations.

Pan African Resources PLC (LON:PAF - Get Free Report)'s stock price rose 4% on Wednesday . The stock traded as high as GBX 83 ($1.12) and last traded at GBX 82.70 ($1.11). Approximately 8,947,369 shares traded hands during trading, an increase of 39% from the average daily volume of 6,444,745 shares. The stock had previously closed at GBX 79.50 ($1.07).

Analyst Ratings Changes

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

Pan African Resources Stock Performance

The company has a quick ratio of 0.74, a current ratio of 0.78 and a debt-to-equity ratio of 35.80. The firm has a market cap of £1.73 billion, a price-to-earnings ratio of 1,951.83, a P/E/G ratio of 8.95 and a beta of 0.89. The stock has a 50 day moving average of GBX 63.54 and a 200 day moving average of GBX 51.39.

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.