Wesdome Gold Mines (TSE:WDO) Upgraded to Buy at Canaccord Genuity Group

Wesdome Gold Mines (TSE:WDO) was upgraded by investment analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research report issued on Monday,BayStreet.CA reports. The brokerage presently has a C$31.00 price objective on the stock, up from their previous price objective of C$30.00. Canaccord Genuity Group’s price target would indicate a potential upside of 12.16% from the stock’s previous close.

A number of other equities analysts also recently commented on WDO. National Bank Financial lifted their price objective on Wesdome Gold Mines from C$28.00 to C$32.00 and gave the stock a “sector perform” rating in a research report on Friday, March 13th. Desjardins lifted their price objective on Wesdome Gold Mines from C$32.00 to C$34.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of C$30.14.

Wesdome Gold Mines Trading Down 1.2%

Wesdome Gold Mines stock traded down C$0.33 during trading on Monday, reaching C$27.64. 217,668 shares of the company were exchanged, compared to its average volume of 868,275. Wesdome Gold Mines has a 52-week low of C$15.94 and a 52-week high of C$30.98. The company has a market capitalization of C$4.10 billion, a P/E ratio of 10.31 and a beta of 1.29. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.03 and a quick ratio of 0.37. The stock’s 50 day simple moving average is C$26.42 and its two-hundred day simple moving average is C$24.55.

Wesdome Gold Mines (TSE:WDO) last announced 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 for the quarter. On average, equities research analysts expect that Wesdome Gold Mines will post 1.293456 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Wesdome Gold Mines news, Director Anthea Ingrid Bath sold 4,100 shares of Wesdome Gold Mines stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of C$22.86, for a total value of C$93,726.00. Following the sale, the director owned 40,456 shares in the company, valued at C$924,824.16. The trade was a 9.20% decrease in their ownership of the stock. Also, insider Rajbir Gill sold 1,829 shares of Wesdome Gold Mines stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of C$22.86, for a total value of C$41,810.94. Following the completion of the sale, the insider directly owned 23,622 shares of the company’s stock, valued at C$539,998.92. The trade was a 7.19% decrease in their ownership of the stock. Insiders have sold 11,425 shares of company stock worth $261,176 over the last ninety days. Company 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.