Torex Gold Resources (TSE:TXG) Share Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Torex Gold Resources shares crossed above their 200-day moving average, reaching C$66.27 before closing at C$65.29, up 3.3%. The stock’s 200-day average was C$64.76, while its 50-day average stood at C$69.72.
• Analyst sentiment remains positive overall, with an average “Buy” rating and a consensus price target of C$92.80. Recent targets ranged from C$89 to C$95, while ATB Cormark upgraded the stock to “moderate buy.”
• The company reported C$1.28 in quarterly earnings per share on C$578.12 million in revenue and maintains a 1.0% dividend yield, based on a quarterly dividend of C$0.16 per share.

Shares of Torex Gold Resources Inc. (TSE:TXG - Get Free Report) passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of C$64.76 and traded as high as C$66.27. Torex Gold Resources shares last traded at C$65.29, with a volume of 314,994 shares.

Analysts Set New Price Targets

TXG has been the subject of a number of research reports. National Bank Financial lifted their target price on shares of Torex Gold Resources from C$85.00 to C$89.00 and gave the company an "outperform" rating in a research note on Monday, September 21st. Scotiabank dropped their price target on shares of Torex Gold Resources from C$105.00 to C$95.00 in a research note on Friday, August 7th. ATB Cormark Capital Markets raised shares of Torex Gold Resources from a "hold" rating to a "moderate buy" rating in a research note on Monday, September 28th. Finally, Canadian Imperial Bank of Commerce cut their price objective on Torex Gold Resources from C$100.00 to C$90.00 in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Buy rating. According to MarketBeat, Torex Gold Resources has an average rating of "Buy" and a consensus price target of C$92.80.

Torex Gold Resources Stock Up 3.3%

The business has a fifty day moving average of C$69.72 and a 200 day moving average of C$64.76. The stock has a market cap of C$6.05 billion, a price-to-earnings ratio of 10.03, a P/E/G ratio of 0.02 and a beta of 1.80. The company has a debt-to-equity ratio of 3.86, a current ratio of 1.38 and a quick ratio of 2.12.

Torex Gold Resources (TSE:TXG - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported C$1.28 earnings per share for the quarter. The firm had revenue of C$578.12 million for the quarter. Torex Gold Resources had a net margin of 33.02% and a return on equity of 25.62%. On average, equities analysts predict that Torex Gold Resources Inc. will post 3.63 earnings per share for the current year.

Torex Gold Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Friday, September 4th were paid a dividend of $0.16 per share. The ex-dividend date was Friday, August 21st. This represents a $0.64 annualized dividend and a dividend yield of 1.0%. Torex Gold Resources's dividend payout ratio is 5.12%.

About Torex Gold Resources

Torex Gold Resources Inc is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, which is currently Mexico's largest single gold producer.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.