Wesdome Gold Mines (TSE:WDO) Raised to Outperformer at Canadian Imperial Bank of Commerce

Wesdome Gold Mines (TSE:WDO) was upgraded by equities researchers at Canadian Imperial Bank of Commerce from a “neutral” rating to an “outperformer” rating in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has a C$32.00 price objective on the stock, up from their previous price objective of C$31.00. Canadian Imperial Bank of Commerce’s target price suggests a potential upside of 26.38% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Canaccord Genuity Group raised shares of Wesdome Gold Mines from a “hold” rating to a “buy” rating and lifted their target price for the stock from C$30.00 to C$31.00 in a research note on Monday, June 1st. Stifel Nicolaus raised Wesdome Gold Mines to a “strong-buy” rating in a research note on Monday, June 29th. Desjardins raised their price objective on Wesdome Gold Mines from C$32.00 to C$34.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Finally, National Bank Financial upgraded Wesdome Gold Mines from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from C$34.00 to C$37.00 in a report on Friday, July 3rd. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of C$31.57.

Wesdome Gold Mines Price Performance

Wesdome Gold Mines stock opened at C$25.32 on Friday. Wesdome Gold Mines has a 12-month low of C$15.94 and a 12-month high of C$30.98. The stock has a market capitalization of C$3.75 billion, a P/E ratio of 9.45 and a beta of 1.33. The firm’s 50-day moving average is C$26.21 and its two-hundred day moving average is C$25.37. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.03 and a quick ratio of 0.37.

Wesdome Gold Mines (TSE:WDO) last issued its quarterly earnings results on Tuesday, May 12th. The company reported C$0.79 EPS for the quarter. The business had revenue of C$299.79 million during the quarter. Wesdome Gold Mines had a net margin of 39.54% and a return on equity of 46.09%. Equities analysts predict that Wesdome Gold Mines will post 1.293456 earnings per share for the current year.

Insider Activity at Wesdome Gold Mines

In related news, insider Philip Chow Yee bought 6,250 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average cost of C$24.15 per share, for a total transaction of C$150,937.50. Following the completion of the acquisition, the insider owned 12,500 shares in the company, valued at C$301,875. This trade represents a 100.00% increase in their ownership of the stock. Also, Director Anthea Ingrid Bath sold 7,315 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of C$24.63, for a total transaction of C$180,168.45. Following the transaction, the director directly owned 45,753 shares of the company’s stock, valued at C$1,126,896.39. This trade represents a 13.78% decrease in their position. In the last 90 days, insiders have sold 17,433 shares of company stock valued at $423,454. 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.