Wesdome Gold Mines (TSE:WDO) Share Price Crosses Above Fifty Day Moving Average - Here's Why

Key Points

• Wesdome Gold Mines shares moved above their 50-day moving average, reaching C$35.60 and last trading at C$35.15, compared with a 50-day average of C$32.59.
• Analyst sentiment remains positive, with a consensus “Buy” rating and several firms raising price targets to C$40.00; the average target is C$33.38.
• The company reported C$0.65 quarterly EPS on C$266.76 million in revenue and recently paid a quarterly dividend of C$0.0306, equivalent to a 0.3% annual yield.

Wesdome Gold Mines Ltd. (TSE:WDO - Get Free Report) shares crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of C$32.59 and traded as high as C$35.60. Wesdome Gold Mines shares last traded at C$35.15, with a volume of 532,801 shares trading hands.

Analyst Ratings Changes

A number of research analysts have issued reports on WDO shares. Canadian Imperial Bank of Commerce lifted their target price on Wesdome Gold Mines from C$32.00 to C$35.00 in a research report on Friday, August 21st. National Bank Financial increased their price target on Wesdome Gold Mines from C$34.50 to C$40.00 and gave the company an "outperform" rating in a research note on Wednesday, August 19th. Stifel Nicolaus upgraded Wesdome Gold Mines to a "strong-buy" rating in a research report on Monday, June 29th. BMO Capital Markets cut Wesdome Gold Mines from an "outperform" rating to a "hold" rating and upped their target price for the stock from C$30.00 to C$34.00 in a report on Wednesday, August 19th. Finally, Desjardins lifted their price target on Wesdome Gold Mines from C$34.00 to C$40.00 and gave the company a "buy" rating in a research note on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of C$33.38.

Wesdome Gold Mines Stock Up 0.4%

The company has a quick ratio of 0.37, a current ratio of 6.90 and a debt-to-equity ratio of 0.73. The firm has a market cap of C$5.05 billion, a P/E ratio of 12.69 and a beta of 1.65. The stock's 50-day simple moving average is C$32.59 and its 200 day simple moving average is C$28.30.

Wesdome Gold Mines (TSE:WDO - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported C$0.65 earnings per share for the quarter. The firm had revenue of C$266.76 million during the quarter. Wesdome Gold Mines had a return on equity of 43.77% and a net margin of 38.46%. As a group, research analysts forecast that Wesdome Gold Mines Ltd. will post 1.293456 EPS for the current fiscal year.

Wesdome Gold Mines Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were paid a $0.0306 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $0.12 annualized dividend and a dividend yield of 0.3%.

Insider Buying and Selling at Wesdome Gold Mines

In related news, Director Anthea Ingrid Bath sold 66,961 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of C$31.15, for a total transaction of C$2,085,835.15. Following the transaction, the director owned 130,128 shares in the company, valued at C$4,053,487.20. The trade was a 33.98% decrease in their position. 0.17% of the stock is owned by corporate insiders.

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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