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.
Image source: Getty Images
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.
