Wesdome Gold Mines (TSE:WDO) Reaches New 12-Month High on Analyst Upgrade

Key Points

• Wesdome Gold Mines reached a new 52-week high of C$35.20 after CIBC raised its price target from C$32.00 to C$35.00. The shares last traded at C$34.97.
• Analyst sentiment is broadly positive, with an average rating of “Buy” and a consensus target price of C$33.38; National Bank Financial and Desjardins lifted their targets to C$40.00.
• Insiders sold 84,394 shares worth approximately C$2.51 million in the last quarter, while the company reported quarterly EPS of C$0.65 and revenue of C$266.76 million.

Wesdome Gold Mines Ltd. (TSE:WDO - Get Free Report) hit a new 52-week high during mid-day trading on Friday after Canadian Imperial Bank of Commerce raised their price target on the stock from C$32.00 to C$35.00. The stock traded as high as C$35.20 and last traded at C$34.97, with a volume of 609359 shares traded. The stock had previously closed at C$34.19.

WDO has been the subject of a number of other reports. National Bank Financial raised their price target on shares of Wesdome Gold Mines from C$34.50 to C$40.00 and gave the stock an "outperform" rating in a research report on Wednesday. BMO Capital Markets cut shares of Wesdome Gold Mines from an "outperform" rating to a "hold" rating and boosted their price target for the company from C$30.00 to C$34.00 in a research report on Wednesday. Desjardins increased 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 research note on Wednesday. Stifel Nicolaus upgraded shares of Wesdome Gold Mines to a "strong-buy" rating in a report on Monday, June 29th. Finally, Canaccord Genuity Group upgraded shares of Wesdome Gold Mines from a "hold" rating to a "buy" rating and upped their target price for the stock from C$30.00 to C$31.00 in a research note on Monday, June 1st. One 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. Based on data from MarketBeat.com, Wesdome Gold Mines has an average rating of "Buy" and a consensus target price of C$33.38.

Insider Buying and Selling

In other Wesdome Gold Mines news, insider Robert Kallio sold 3,348 shares of the firm's stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of C$23.89, for a total value of C$79,983.72. Following the sale, the insider directly owned 2,000 shares of the company's stock, valued at approximately C$47,780. This trade represents a 62.60% decrease in their position. Also, Director Anthea Ingrid Bath sold 66,961 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of C$31.15, for a total value of C$2,085,835.15. Following the sale, the director owned 130,128 shares of the company's stock, valued at C$4,053,487.20. This represents a 33.98% decrease in their ownership of the stock. Insiders sold a total of 84,394 shares of company stock worth $2,509,289 in the last quarter. Corporate insiders own 0.17% of the company's stock.

Wesdome Gold Mines Stock Performance

The firm has a market capitalization of C$5.02 billion, a price-to-earnings ratio of 12.62 and a beta of 1.33. The company has a 50-day moving average price of C$27.51 and a 200-day moving average price of C$26.23. The company has a quick ratio of 0.37, a current ratio of 6.90 and a debt-to-equity ratio of 0.73.

Wesdome Gold Mines (TSE:WDO - Get Free Report) last released its earnings results 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 firm had revenue of C$266.76 million for the quarter. As a group, equities research analysts forecast that Wesdome Gold Mines Ltd. will post 1.293456 earnings per share for the current year.

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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