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

Canadian Imperial Bank of Commerce upgraded shares of Wesdome Gold Mines (TSE:WDO) from a neutral rating to an outperformer rating in a report published on Friday morning,BayStreet.CA reports. Canadian Imperial Bank of Commerce currently has C$32.00 target price on the stock, up from their prior target price of C$31.00.

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

Wesdome Gold Mines Stock Up 4.2%

Wesdome Gold Mines stock opened at C$25.32 on Friday. The firm has a market capitalization of C$3.75 billion, a price-to-earnings ratio of 9.45 and a beta of 1.33. The firm’s fifty day moving average price is C$26.21 and its two-hundred day moving average price is C$25.37. Wesdome Gold Mines has a 1-year low of C$15.94 and a 1-year high of C$30.98. The company has a current ratio of 6.03, a quick ratio of 0.37 and a debt-to-equity ratio of 0.31.

Wesdome Gold Mines (TSE:WDO) last released 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 return on equity of 46.09% and a net margin of 39.54%. On average, equities research analysts predict that Wesdome Gold Mines will post 1.293456 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Philip Chow Yee acquired 6,250 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was bought at an average cost of C$24.15 per share, with a total value of C$150,937.50. Following the completion of the purchase, the insider directly owned 12,500 shares of the company’s stock, valued at C$301,875. This represents a 100.00% increase in their ownership of the stock. Also, insider Robert Kallio sold 4,341 shares of the business’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of C$24.11, for a total transaction of C$104,661.51. Following the transaction, the insider owned 4,029 shares in the company, valued at C$97,139.19. This trade represents a 51.86% decrease in their position. In the last quarter, insiders sold 17,433 shares of company stock worth $423,454. 0.17% of the stock is owned by company insiders.

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.