Wesdome Gold Mines (TSE:WDO) Price Target Raised to C$35.00

Key Points

• CIBC raised Wesdome Gold Mines’ price target from C$32.00 to C$35.00, while other analysts also increased targets and ratings. The consensus rating is “Buy,” with an average target of C$33.38.
• Wesdome shares rose 2.1% to C$34.91, near their 52-week high of C$35.35, giving the company a market capitalization of approximately C$5.01 billion.
• The company reported quarterly EPS of C$0.65 on revenue of C$266.76 million, alongside a 43.77% return on equity and 38.46% net margin. Insiders made purchases in June, although insiders sold C$2.51 million of stock over the prior 90 days.

Wesdome Gold Mines (TSE:WDO - Get Free Report) had its price target upped by stock analysts at Canadian Imperial Bank of Commerce from C$32.00 to C$35.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's target price points to a potential upside of 0.26% from the stock's current price.

A number of other analysts have also commented on the stock. National Bank Financial boosted their price target on shares of Wesdome Gold Mines from C$34.50 to C$40.00 and gave the company an "outperform" rating in a research note on Wednesday. Stifel Nicolaus raised shares of Wesdome Gold Mines to a "strong-buy" rating in a research note on Monday, June 29th. Canaccord Genuity Group upgraded shares of Wesdome Gold Mines from a "hold" rating to a "buy" rating and lifted their price objective for the company from C$30.00 to C$31.00 in a report on Monday, June 1st. BMO Capital Markets downgraded 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. Finally, Desjardins upped 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 report on Wednesday. One equities research 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 stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of C$33.38.

Wesdome Gold Mines Trading Up 2.1%

TSE:WDO traded up C$0.72 on Friday, reaching C$34.91. 310,195 shares of the stock traded hands, compared to its average volume of 802,114. Wesdome Gold Mines has a 1-year low of C$16.53 and a 1-year high of C$35.35. The company's 50 day moving average is C$27.51 and its 200-day moving average is C$26.23. The firm has a market capitalization of C$5.01 billion, a price-to-earnings ratio of 12.60 and a beta of 1.33. The company has a current ratio of 6.90, a quick ratio of 0.37 and a debt-to-equity ratio of 0.73.

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

Insider Activity

In other news, insider Rajbir Gill bought 1,047 shares of the company's stock in a transaction on Tuesday, June 30th. The shares were purchased at an average price of C$24.02 per share, with a total value of C$25,148.94. Following the transaction, the insider directly owned 24,669 shares in the company, valued at C$592,549.38. This represents a 4.43% increase in their ownership of the stock. Also, insider Philip Chow Yee bought 6,250 shares of the business's stock in a transaction dated Tuesday, June 30th. The stock was acquired at an average price of C$24.15 per share, for a total transaction of C$150,937.50. Following the purchase, the insider directly owned 12,500 shares in the company, valued at approximately C$301,875. The trade was a 100.00% increase in their ownership of the stock. Insiders sold 84,394 shares of company stock valued at $2,509,289 over the last ninety days. Company insiders own 0.17% of the company's stock.

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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