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

Wesdome Gold Mines (TSE:WDO) was downgraded by equities researchers 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 target price on the stock, up from their previous target price of C$30.00. BMO Capital Markets’ price objective points to a potential upside of 4.23% from the stock’s current price.

Several other analysts have also recently 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 upgraded Wesdome Gold Mines from a “hold” rating to a “buy” rating and raised their price target for the stock from C$30.00 to C$31.00 in a research report on Monday, June 1st. Canadian Imperial Bank of Commerce raised Wesdome Gold Mines from a “neutral” rating to an “outperformer” rating and lifted their price objective for the stock from C$31.00 to C$32.00 in a research note on Friday, July 17th. National Bank Financial upgraded Wesdome Gold Mines from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from C$34.00 to C$37.00 in a report on Friday, July 3rd. Finally, Desjardins increased their target price on 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. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Wesdome Gold Mines presently has an average rating of “Buy” and a consensus target price of C$33.00.

Wesdome Gold Mines Trading Up 5.5%

Wesdome Gold Mines stock traded up C$1.71 during trading hours on Wednesday, reaching C$32.62. 387,521 shares of the company’s stock traded hands, compared to its average volume of 804,688. The firm has a market capitalization of C$4.68 billion, a price-to-earnings ratio of 11.78 and a beta of 1.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.37 and a current ratio of 6.90. Wesdome Gold Mines has a fifty-two week low of C$15.99 and a fifty-two week high of C$35.35. The firm’s 50 day moving average is C$27.11 and its 200-day moving average is C$26.08.

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

Insider Activity

In other news, insider Rajbir Gill purchased 1,047 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The stock was bought at an average price of C$24.02 per share, with a total value of C$25,148.94. Following the acquisition, the insider directly owned 24,669 shares of the company’s stock, valued at approximately C$592,549.38. This represents a 4.43% increase in their ownership of the stock. Also, insider Robert Kallio sold 3,348 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of C$23.89, for a total transaction of C$79,983.72. Following the completion of the sale, the insider owned 2,000 shares of the company’s stock, valued at approximately C$47,780. This represents a 62.60% decrease in their position. Insiders sold a total of 17,433 shares of company stock worth $423,454 over the last three months. 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.