Wesdome Gold Mines (TSE:WDO) Raised to Outperformer at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce upgraded Wesdome Gold Mines from neutral to outperformer and raised its price target to C$32.00, implying about 27.6% upside from the prior close.
• Other brokers have also turned more bullish on WDO, including recent upgrades from Stifel, Desjardins, Canaccord Genuity, and National Bank Financial. The stock now carries an average Buy rating with a consensus target of C$31.57.
• Wesdome shares rose 3.2% to C$25.07 on Friday, while the company reported strong quarterly results earlier this year with C$0.79 EPS and C$299.79 million in revenue.

Wesdome Gold Mines (TSE:WDO - Get Free Report) was upgraded by analysts at Canadian Imperial Bank of Commerce from a "neutral" rating to an "outperformer" rating in a note issued to investors on Friday,BayStreet.CA reports. The firm presently has a C$32.00 price objective on the stock, up from their prior price objective of C$31.00. Canadian Imperial Bank of Commerce's price objective points to a potential upside of 27.64% from the stock's previous close.

A number of other brokerages have also commented on WDO. Stifel Nicolaus upgraded shares of Wesdome Gold Mines to a "strong-buy" rating in a research note on Monday, June 29th. Desjardins raised their price objective on shares of Wesdome Gold Mines from C$32.00 to C$34.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. 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. Finally, National Bank Financial raised shares of Wesdome Gold Mines from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from C$34.00 to C$37.00 in a research report on Friday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of C$31.57.

Wesdome Gold Mines Stock Up 3.2%

TSE:WDO traded up C$0.77 on Friday, hitting C$25.07. The stock had a trading volume of 496,127 shares, compared to its average volume of 846,494. The company has a quick ratio of 0.37, a current ratio of 6.03 and a debt-to-equity ratio of 0.31. Wesdome Gold Mines has a 52 week low of C$15.94 and a 52 week high of C$30.98. The business's fifty day moving average is C$26.27 and its 200 day moving average is C$25.37. The company has a market cap of C$3.72 billion, a PE ratio of 9.35 and a beta of 1.33.

Wesdome Gold Mines (TSE:WDO - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported C$0.79 EPS for the quarter. Wesdome Gold Mines had a return on equity of 46.09% and a net margin of 39.54%.The firm had revenue of C$299.79 million during the quarter. On average, equities research analysts expect that Wesdome Gold Mines will post 1.293456 EPS for the current fiscal year.

Insider Activity at Wesdome Gold Mines

In other news, insider Philip Chow Yee bought 6,250 shares of the stock in a transaction on Tuesday, June 30th. The shares were purchased at an average cost of C$24.15 per share, for a total transaction of C$150,937.50. Following the completion of the purchase, the insider directly owned 12,500 shares in the company, valued at C$301,875. This represents a 100.00% increase in their position. Also, insider Rajbir Gill bought 1,047 shares of Wesdome Gold Mines stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average cost of C$24.02 per share, with a total value of C$25,148.94. Following the completion of the acquisition, the insider directly owned 24,669 shares in the company, valued at C$592,549.38. This represents a 4.43% increase in their position. In the last 90 days, insiders have sold 17,433 shares of company stock worth $423,454. 0.17% of the stock is currently owned by company insiders.

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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