The Pilbara Minerals Ltd (ASX: PLS) share price had a tough run in November, but could better days be ahead?
Pilbara shares fell 8.45% in November and are currently fetching $4.86 as of Friday's close, up 2.10%.
Let's take a look at the outlook for the Pilbara Minerals share price.
What's ahead?
Pilbara shares may have struggled in November, but they have lifted year to date. Pilbara shares have soared 52% since the start of the year.
If an investor had bought $1,000 worth of Pilbara shares for $3.20 after market close on 31 December, this investment would now be worth $1,506.96.
Pilbara Minerals advised this year that it is planning to pay its first ever dividend in the 2023 financial year. Management is planning to pay 20% to 30% of its free cash flow to shareholders.
Pilbara shares finished the month on a high, leaping 5% between market close on 28 and 30 November. So far in December, Pilbara Minerals shares have climbed a further 3.29%.
What do the experts say?
UBS has a sell rating on Pilbara shares, as my Foolish colleague Tristan reported recently. The broker has placed a $3.05 price target on the company's share price.
Meanwhile, Jarden also has a sell rating on the Pilbara share price, with a 12-month price target of $3.65. This implies a downside of 24% on the current share price.
On the flip side, Macquarie placed an outperform rating on the Pilbara share price during the month with a $7.70 price target. This implies an upside of 59% based on the current share price.
What's the latest?
Pilbara is exploring lithium at the Pilgangoora Project, 120km from Port Hedland in Western Australia.
Pilbara reported results from a Battery Materials Exchange (BMX) auction in mid-November. The company advised it intended to accept the highest bid of US$7,805 per dry metric tonne.
On 28 November, Pilbara announced it had entered a joint venture agreement with Calix for a mid-stream demonstration plant. Commenting on this project, managing director and CEO Dale Henderson said:
The mid-stream project has the potential to be a game changer for our industry.
Pilbara share price snapshot
The Pilbara share 91% in the last year, while it has climbed 1.67% in the last week.
For perspective, the ASX 200 has returned 1.64% in the past year.
Pilbara has a market capitalisation of about $14.55 billion based on the current share price.
