Desjardins Issues Positive Forecast for Wesdome Gold Mines (TSE:WDO) Stock Price

Key Points

• Desjardins raised its target price for Wesdome Gold Mines from C$32.00 to C$34.00 and maintained a "buy" rating, implying a 24.31% potential upside from the prior close.
• Analyst views are mixed: two analysts rate WDO a Buy and three rate it Hold, yielding an average rating of Hold and an average target price of C$29.71.
• Wesdome reported strong quarterly results (C$0.78 EPS, 44.53% ROE, 38.22% net margin) and the stock traded at C$27.35 (market cap C$4.22B), below Desjardins' target.

Wesdome Gold Mines (TSE:WDO - Get Free Report) had its target price increased by equities research analysts at Desjardins from C$32.00 to C$34.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage presently has a "buy" rating on the stock. Desjardins' target price suggests a potential upside of 24.31% from the stock's previous close.

WDO has been the topic of a number of other research reports. Canaccord Genuity Group downgraded Wesdome Gold Mines from a "buy" rating to a "hold" rating and boosted their price objective for the stock from C$27.00 to C$28.00 in a research note on Monday, January 26th. TD Securities boosted their price objective on Wesdome Gold Mines from C$25.00 to C$30.00 in a research note on Thursday, January 22nd. Finally, National Bank Financial boosted their price objective on Wesdome Gold Mines from C$28.00 to C$32.00 and gave the stock a "sector perform" rating in a research note on Friday, March 13th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Wesdome Gold Mines presently has an average rating of "Hold" and an average target price of C$29.71.

Wesdome Gold Mines Price Performance

Shares of WDO traded down C$0.98 during midday trading on Thursday, reaching C$27.35. The stock had a trading volume of 374,377 shares, compared to its average volume of 912,056. Wesdome Gold Mines has a 52 week low of C$15.72 and a 52 week high of C$29.66. The company has a debt-to-equity ratio of 0.36, a current ratio of 5.80 and a quick ratio of 0.37. The firm's 50 day moving average price is C$25.30 and its 200-day moving average price is C$23.62. The company has a market capitalization of C$4.22 billion, a P/E ratio of 11.84 and a beta of 1.27.

Wesdome Gold Mines (TSE:WDO - Get Free Report) last posted its quarterly earnings data on Wednesday, March 11th. The company reported C$0.78 EPS for the quarter. Wesdome Gold Mines had a return on equity of 44.53% and a net margin of 38.22%.The company had revenue of C$287.88 million for the quarter. On average, analysts forecast that Wesdome Gold Mines will post 1.293456 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Wesdome Gold Mines news, insider Rajbir Gill sold 1,829 shares of the firm's stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of C$22.86, for a total transaction of C$41,810.94. Following the completion of the sale, the insider directly owned 23,622 shares in the company, valued at approximately C$539,998.92. This trade represents a 7.19% decrease in their position. Also, insider Kevin Lonergan sold 1,219 shares of the company's stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of C$22.86, for a total value of C$27,866.34. Following the completion of the transaction, the insider owned 2,327 shares in the company, valued at C$53,195.22. This represents a 34.38% decrease in their position. Over the last quarter, insiders have sold 11,425 shares of company stock valued at $261,176. Insiders own 0.17% of the company's stock.

Wesdome Gold Mines Company Profile

Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d'Or, Québec. The Company's primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a value-driven mid-tier gold producer.

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