Wesdome Gold Mines (TSE:WDO) Stock Crosses Below 200-Day Moving Average on Analyst Downgrade

Key Points

• Wesdome Gold Mines shares fell below their 200-day moving average, trading as low as C$27.11 after Canaccord Genuity downgraded the stock from Buy to Hold. Canaccord nevertheless raised its price target to C$33 from C$30.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of C$34.50; three analysts rate the stock Buy and three rate it Hold.
• Director Anthea Ingrid Bath sold 66,961 shares for approximately C$2.09 million, reducing her direct ownership by 33.98%. Wesdome recently reported C$0.65 quarterly EPS, C$266.76 million in revenue, and pays an annualized dividend of C$0.12 per share.

Shares of Wesdome Gold Mines Ltd. (TSE:WDO - Get Free Report) crossed below its 200-day moving average during trading on Monday after Canaccord Genuity Group downgraded the stock from a buy rating to a hold rating. The stock has a 200-day moving average of C$27.83 and traded as low as C$27.11. Canaccord Genuity Group now has a C$33.00 price target on the stock, up from their previous price target of C$30.00. Wesdome Gold Mines shares last traded at C$27.74, with a volume of 746,573 shares trading hands.

Several other equities analysts have also commented on WDO. Canadian Imperial Bank of Commerce boosted their price target on Wesdome Gold Mines from C$32.00 to C$35.00 in a research report on Friday, August 21st. Stifel Nicolaus downgraded shares of Wesdome Gold Mines from a "buy" rating to a "hold" rating and set a C$34.00 price objective for the company. in a research report on Monday, October 19th. Desjardins dropped their price objective on shares of Wesdome Gold Mines from C$42.00 to C$41.00 and set a "buy" rating on the stock in a research note on Thursday. National Bank Financial boosted their target price on shares of Wesdome Gold Mines from C$34.50 to C$40.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 19th. Finally, BMO Capital Markets cut shares of Wesdome Gold Mines from an "outperform" rating to a "hold" rating and boosted their target price for the stock from C$30.00 to C$34.00 in a research report on Wednesday, August 19th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of C$34.50.

Insider Buying and Selling at Wesdome Gold Mines

In related news, Director Anthea Ingrid Bath sold 66,961 shares of the company's 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 sale, the director directly owned 130,128 shares of the company's stock, valued at approximately C$4,053,487.20. This represents a 33.98% decrease in their position. Company insiders own 0.17% of the company's stock.

Wesdome Gold Mines Trading Down 0.9%

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's 50 day simple moving average is C$33.67 and its two-hundred day simple moving average is C$27.83. The stock has a market cap of C$3.98 billion, a P/E ratio of 10.01 and a beta of 1.32.

Wesdome Gold Mines (TSE:WDO - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported C$0.65 earnings per share for the quarter. Wesdome Gold Mines had a net margin of 38.46% and a return on equity of 43.77%. The company had revenue of C$266.76 million for the quarter. As a group, equities research analysts predict that Wesdome Gold Mines Ltd. will post 1.29 earnings per share for the current fiscal year.

Wesdome Gold Mines Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were paid a dividend of $0.0306 per share. The ex-dividend date was Tuesday, September 15th. This represents a $0.12 annualized dividend and a yield of 0.4%.

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.

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.