Wesdome Gold Mines (TSE:WDO) Downgraded to Market Perform Rating by BMO Capital Markets

Key Points

• BMO Capital Markets downgraded Wesdome Gold Mines from “outperform” to “market perform,” while raising its price target from C$30 to C$34—implying roughly 4.23% upside from the prior close.
• Despite BMO’s downgrade, the analyst consensus remains positive: one analyst rates the stock “strong buy,” four rate it “buy,” and one assigns a “hold,” with an average price target of C$33.
• Wesdome reported C$0.65 in quarterly EPS and C$266.76 million in revenue, alongside a 38.46% net margin; the stock recently traded at C$32.62, near the consensus target.

Wesdome Gold Mines (TSE:WDO - Get Free Report) was downgraded by investment analysts at BMO Capital Markets from an "outperform" rating to a "market perform" rating in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. They presently have a C$34.00 price objective on the stock, up from their prior price objective of C$30.00. BMO Capital Markets' price target points to a potential upside of 4.23% from the company's previous close.

A number of other equities analysts have also commented on WDO. Stifel Nicolaus upgraded shares of Wesdome Gold Mines to a "strong-buy" rating in a research report on Monday, June 29th. Canaccord Genuity Group raised shares of Wesdome Gold Mines from a "hold" rating to a "buy" rating and raised their price objective for the stock from C$30.00 to C$31.00 in a report on Monday, June 1st. National Bank Financial upgraded shares of Wesdome Gold Mines from a "sector perform" rating to an "outperform" rating and lifted their target price for the company from C$34.00 to C$37.00 in a research note on Friday, July 3rd. Desjardins boosted their target price on Wesdome Gold Mines from C$32.00 to C$34.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. Finally, Canadian Imperial Bank of Commerce upgraded Wesdome Gold Mines from a "neutral" rating to an "outperformer" rating and increased their price target for the stock from C$31.00 to C$32.00 in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of C$33.00.

Wesdome Gold Mines Price Performance

TSE:WDO traded up C$1.71 during trading hours on Wednesday, reaching C$32.62. The company had a trading volume of 387,521 shares, compared to its average volume of 804,688. 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 stock has a 50-day moving average of C$27.11 and a two-hundred day moving average of C$26.08. Wesdome Gold Mines has a one year low of C$15.99 and a one year high of C$35.35. The firm has a market capitalization of C$4.68 billion, a PE ratio of 11.78 and a beta of 1.33.

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

Insider Activity at Wesdome Gold Mines

In other Wesdome Gold Mines news, Director Anthea Ingrid Bath sold 7,315 shares of the business's stock in a transaction dated Monday, June 29th. The shares were sold at an average price of C$24.63, for a total value of C$180,168.45. Following the completion of the transaction, the director directly owned 45,753 shares of the company's stock, valued at approximately C$1,126,896.39. The trade was a 13.78% decrease in their ownership of the stock. Also, insider Robert Kallio sold 3,348 shares of the company's stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of C$23.89, for a total transaction of C$79,983.72. Following the transaction, the insider owned 2,000 shares in the company, valued at C$47,780. The trade was a 62.60% decrease in their ownership of the stock. Insiders sold 17,433 shares of company stock worth $423,454 in the last quarter. Insiders own 0.17% of the company's stock.

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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