Wesdome Gold Mines (TSE:WDO) Reaches New 1-Year High – Here’s What Happened

Wesdome Gold Mines Ltd. (TSE:WDO) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$36.86 and last traded at C$36.67, with a volume of 176271 shares. The stock had previously closed at C$35.16.

Analyst Ratings Changes

Several analysts have weighed in on the company. Stifel Nicolaus raised Wesdome Gold Mines to a “strong-buy” rating in a research note on Monday, June 29th. BMO Capital Markets cut shares of Wesdome Gold Mines from an “outperform” rating to a “hold” rating and lifted their price objective for the company from C$30.00 to C$34.00 in a research note on Wednesday, August 19th. Desjardins upped their price objective 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, August 19th. Canadian Imperial Bank of Commerce raised their target price on shares of Wesdome Gold Mines from C$32.00 to C$35.00 in a research note on Friday, August 21st. Finally, National Bank Financial increased their price objective on shares of Wesdome Gold Mines from C$34.50 to C$40.00 and gave the company an “outperform” rating in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Wesdome Gold Mines presently has a consensus rating of “Buy” and a consensus price target of C$33.38.

Wesdome Gold Mines Trading Down 3.9%

The firm has a market capitalization of C$5.11 billion, a price-to-earnings ratio of 12.85 and a beta of 1.65. The company has a quick ratio of 0.37, a current ratio of 6.90 and a debt-to-equity ratio of 0.73. The firm’s 50 day moving average is C$31.75 and its 200 day moving average is C$27.97.

Wesdome Gold Mines (TSE:WDO) last posted its quarterly earnings results on Thursday, August 13th. The company reported C$0.65 earnings per share (EPS) for the quarter. The company 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 analysts forecast that Wesdome Gold Mines Ltd. will post 1.293456 earnings per share for the current year.

Wesdome Gold Mines Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th will be paid a $0.0306 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%.

Insider Buying and Selling

In other news, insider Rajbir Gill bought 1,047 shares of the company’s stock in a transaction dated Tuesday, June 30th. The shares were acquired at an average cost of C$24.02 per share, with a total value of C$25,148.94. Following the completion of the transaction, the insider directly owned 24,669 shares in the company, valued at approximately C$592,549.38. The trade was a 4.43% increase in their position. Also, insider Philip Chow Yee purchased 6,250 shares of Wesdome Gold Mines stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average price of C$24.15 per share, with a total value of C$150,937.50. Following the transaction, the insider owned 12,500 shares in the company, valued at C$301,875. This represents a 100.00% increase in their position. Insiders have sold a total of 84,394 shares of company stock worth $2,509,289 in the last quarter. 0.17% of the stock is currently owned by corporate 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.