Wesdome Gold Mines (TSE:WDO) Shares Cross Above 50-Day Moving Average - Should You Sell?

Key Points

• Wesdome Gold Mines shares crossed above their 50-day moving average, reaching C$34.50 and last trading at C$34.00, compared with a 50-day average of C$29.87.
• Analyst sentiment is broadly positive: the stock has an average “Buy” rating and a consensus price target of C$33.38, with recent targets ranging as high as C$40.00.
• Wesdome reported C$0.65 quarterly EPS on C$266.76 million in revenue and declared a quarterly dividend of C$0.0306 per share, while recent insider activity included substantial selling by a director.

Wesdome Gold Mines Ltd. (TSE:WDO - Get Free Report)'s stock price passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of C$29.87 and traded as high as C$34.50. Wesdome Gold Mines shares last traded at C$34.00, with a volume of 311,417 shares trading hands.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Stifel Nicolaus upgraded shares of Wesdome Gold Mines to a "strong-buy" rating in a research note on Monday, June 29th. Canaccord Genuity Group raised shares of Wesdome Gold Mines from a "hold" rating to a "buy" rating and increased their price objective for the company from C$30.00 to C$31.00 in a research report on Monday, June 1st. BMO Capital Markets lowered shares of Wesdome Gold Mines from an "outperform" rating to a "hold" rating and raised their price objective for the company from C$30.00 to C$34.00 in a report on Wednesday, August 19th. Canadian Imperial Bank of Commerce lifted their price objective on shares of Wesdome Gold Mines from C$32.00 to C$35.00 in a research report on Friday, August 21st. Finally, Desjardins boosted their target price on shares of Wesdome Gold Mines from C$34.00 to C$40.00 and gave the stock 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 given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of C$33.38.

Wesdome Gold Mines Stock Down 0.7%

The firm's 50-day moving average price is C$29.87 and its two-hundred day moving average price is C$27.28. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.37 and a current ratio of 6.90. The firm has a market cap of C$4.88 billion, a PE ratio of 12.27 and a beta of 1.65.

Wesdome Gold Mines (TSE:WDO - Get Free Report) last announced its quarterly earnings results 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 net margin of 38.46% and a return on equity of 43.77%. As a group, equities research analysts expect that Wesdome Gold Mines Ltd. will post 1.293456 EPS for the current fiscal year.

Wesdome Gold Mines Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th will be paid a dividend of $0.0306 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Tuesday, September 15th.

Insider Transactions at Wesdome Gold Mines

In other Wesdome Gold Mines news, Director Anthea Ingrid Bath sold 66,961 shares of Wesdome Gold Mines stock in a transaction that occurred on Tuesday, August 18th. The stock was 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 of the company's stock, valued at C$4,053,487.20. The trade was a 33.98% decrease in their ownership of the stock. Also, insider Rajbir Gill acquired 1,047 shares of Wesdome Gold Mines stock in a transaction on Tuesday, June 30th. The stock was purchased at an average price of C$24.02 per share, with a total value of C$25,148.94. Following the purchase, the insider owned 24,669 shares of the company's stock, valued at C$592,549.38. The trade was a 4.43% increase in their position. In the last ninety days, insiders sold 84,394 shares of company stock worth $2,509,289. 0.17% of the stock is currently owned by corporate insiders.

About Wesdome Gold Mines

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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