Torex Gold Resources (TSE:TXG) Reaches New 1-Year High After Analyst Upgrade

Shares of Torex Gold Resources Inc. (TSE:TXG) hit a new 52-week high during mid-day trading on Friday after Royal Bank of Canada raised their price target on the stock from C$60.00 to C$65.00. The stock traded as high as C$49.25 and last traded at C$48.91, with a volume of 48498 shares traded. The stock had previously closed at C$48.29.

Several other brokerages have also recently issued reports on TXG. Cormark raised their target price on Torex Gold Resources from C$46.00 to C$55.00 in a research report on Monday, April 14th. Raymond James boosted their target price on shares of Torex Gold Resources from C$34.00 to C$47.00 in a research report on Friday, April 4th. CIBC upgraded shares of Torex Gold Resources from a “neutral” rating to an “outperform” rating and boosted their target price for the company from C$42.00 to C$58.00 in a research report on Monday, April 14th. BMO Capital Markets boosted their target price on shares of Torex Gold Resources from C$44.00 to C$56.00 in a research report on Friday, May 2nd. Finally, Scotiabank lifted their price target on shares of Torex Gold Resources from C$48.00 to C$50.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 4th. Six equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of C$55.00.

Torex Gold Resources Stock Up 0.1%

The company has a 50-day moving average price of C$44.15 and a 200 day moving average price of C$35.94. The firm has a market capitalization of C$2.93 billion, a PE ratio of 25.99, a P/E/G ratio of 0.02 and a beta of 1.34. The company has a debt-to-equity ratio of 8.09, a current ratio of 1.00 and a quick ratio of 2.12.

About Torex Gold Resources

Torex Gold Resources Inc is an intermediate producer of gold and other precious metals, engaged in the exploration, development, and exploration of its wholly owned Morelos Gold Property. The property consists of 29,000 hectares in the Guerrero Gold Belt, located 180 kilometres southwest of Mexico City and approximately 50 kilometres southwest of Iguala.