Torex Gold Resources (TSE:TXG) Reaches New 52-Week High - Time to Buy?

Key Points

• Torex Gold Resources Inc. reached a new 52-week high of C$61.88, closing last at C$61.01, indicating strong market interest with over 50,000 shares traded.
• Wall Street analysts are optimistic, with most giving a Buy rating; targets vary from C$58.00 to C$77.00, reflecting positive growth expectations.
• The company has a market capitalization of C$5.42 billion and engages in the exploration and production of gold and precious metals from its Morelos Gold Property in Mexico.

Torex Gold Resources Inc. (TSE:TXG - Get Free Report)'s stock price reached a new 52-week high on Monday . The stock traded as high as C$61.88 and last traded at C$61.01, with a volume of 50570 shares changing hands. The stock had previously closed at C$59.15.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TXG. TD Securities lowered their price target on shares of Torex Gold Resources from C$64.00 to C$62.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Canaccord Genuity Group raised their price target on shares of Torex Gold Resources from C$64.00 to C$77.00 in a research report on Thursday. Royal Bank Of Canada boosted their price objective on shares of Torex Gold Resources from C$60.00 to C$65.00 in a report on Thursday, June 12th. Raymond James Financial raised their target price on shares of Torex Gold Resources from C$55.00 to C$58.00 in a report on Thursday, August 21st. Finally, National Bankshares upped their price target on shares of Torex Gold Resources from C$71.00 to C$75.00 and gave the stock an "outperform" rating in a report on Wednesday, September 24th. Two analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of C$62.10.

Torex Gold Resources Stock Up 6.3%

The stock has a 50 day moving average price of C$48.00 and a 200 day moving average price of C$44.82. The stock has a market capitalization of C$5.42 billion, a price-to-earnings ratio of 25.87, a price-to-earnings-growth ratio of 0.02 and a beta of 0.87. The company has a quick ratio of 2.12, a current ratio of 1.00 and a debt-to-equity ratio of 8.09.

About Torex Gold Resources

Torex Gold Resources Inc is an intermediate producer of gold and other precious metals, engaged in the exploration, development, and exploration of its wholly owned Morelos Gold Property. The property consists of 29,000 hectares in the Guerrero Gold Belt, located 180 kilometres southwest of Mexico City and approximately 50 kilometres southwest of Iguala.

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