Torex Gold Resources (TSE:TXG) Cut to "Hold" at ATB Cormark Capital Markets

Key Points

• ATB Cormark downgraded Torex Gold Resources to “Hold” from “Moderate Buy,” while other analysts also reduced their price targets. Despite the changes, the stock retains a consensus “Moderate Buy” rating with an average target of C$85.00.
• Torex Gold reported quarterly EPS of C$1.28 on revenue of C$578.12 million, with a 33.02% net margin and 25.62% return on equity.
• The shares opened at C$61.61, compared with a 52-week range of C$40.01 to C$85.00. An insider recently purchased 850 shares, and insiders bought 2,250 shares during the last quarter.

Torex Gold Resources (TSE:TXG - Get Free Report) was downgraded by investment analysts at ATB Cormark Capital Markets from a "moderate buy" rating to a "hold" rating in a research report issued on Monday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the stock. National Bank Financial dropped their target price on shares of Torex Gold Resources from C$89.00 to C$85.00 and set an "outperform" rating on the stock in a report on Monday. Canadian Imperial Bank of Commerce reduced their price target on Torex Gold Resources from C$100.00 to C$90.00 in a report on Friday. Finally, Scotiabank lowered their price target on Torex Gold Resources from C$105.00 to C$95.00 in a research report on Friday. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Torex Gold Resources has an average rating of "Moderate Buy" and a consensus price target of C$85.00.

Torex Gold Resources Price Performance

TSE:TXG opened at C$61.61 on Monday. The stock has a market capitalization of C$5.75 billion, a PE ratio of 9.87, a P/E/G ratio of 0.02 and a beta of 1.96. Torex Gold Resources has a 1-year low of C$40.01 and a 1-year high of C$85.00. The firm has a fifty day simple moving average of C$56.92 and a 200 day simple moving average of C$62.69. The company has a current ratio of 1.38, a quick ratio of 2.12 and a debt-to-equity ratio of 3.86.

Torex Gold Resources (TSE:TXG - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported C$1.28 EPS for the quarter. Torex Gold Resources had a net margin of 33.02% and a return on equity of 25.62%. The firm had revenue of C$578.12 million during the quarter. On average, research analysts expect that Torex Gold Resources will post 3.6254502 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Daniel James Thomas Rollins bought 850 shares of the company's stock in a transaction dated Tuesday, June 2nd. The stock was bought at an average price of C$61.51 per share, with a total value of C$52,283.50. Following the completion of the acquisition, the insider owned 13,926 shares of the company's stock, valued at C$856,588.26. This represents a 6.50% increase in their ownership of the stock. In the last quarter, insiders acquired 2,250 shares of company stock worth $137,030. 0.35% of the stock is owned by company insiders.

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.

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