PVG - Why Shares of Pretium Resources Soared 21% in August
Extending the 8% rise that they experienced in July, shares of Pretium Resources (NYSE: PVG), a global leader in gold mining, climbed more than 21% last month, according to data from S&P Global Market Intelligence. In addition to the company's glittering Q2 earnings report, the rise in the price of gold through August moved investors to pick up shares of the midtier gold producer.
With revenue of $113 million and adjusted earnings of $0.09 per share in the second quarter, Pretium Resources beat analysts' estimates on both the top and bottom lines. But these headline figures were hardly the only two ways in which the company shined.
For one, the company reported gold production of 90,761 ounces. Investors familiar with the company may find this disconcerting considering it reported gold production of 111,340 ounces in Q2 2018. However, the drop in gold production didn't stem from an operational misstep but a decline in grade.