Wesdome Gold Mines (TSE:WDO) Stock Rating Upgraded by Canadian Imperial Bank of Commerce

Wesdome Gold Mines (TSE:WDO) was upgraded by equities research analysts 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 target price on the stock, up from their prior target price of C$31.00. Canadian Imperial Bank of Commerce’s target price would indicate a potential upside of 27.64% from the stock’s previous close.

Several other research firms have also commented on WDO. Canaccord Genuity Group upgraded shares of Wesdome Gold Mines from a “hold” rating to a “buy” rating and boosted their price objective for the stock from C$30.00 to C$31.00 in a research note on Monday, June 1st. Stifel Nicolaus upgraded shares of Wesdome Gold Mines to a “strong-buy” rating in a report on Monday, June 29th. National Bank Financial raised Wesdome Gold Mines from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from C$34.00 to C$37.00 in a research report on Friday, July 3rd. Finally, Desjardins boosted their target price on shares of 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 and four have given a Buy rating to the company. According to MarketBeat.com, Wesdome Gold Mines presently has an average rating of “Buy” and an average target price of C$31.57.

Wesdome Gold Mines Stock Up 3.2%

TSE WDO traded up C$0.77 on Friday, reaching C$25.07. 496,127 shares of the stock traded hands, compared to its average volume of 846,494. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.37 and a current ratio of 6.03. The company has a fifty day moving average price of C$26.27 and a 200-day moving average price of C$25.37. The company has a market cap of C$3.72 billion, a price-to-earnings ratio of 9.35 and a beta of 1.33. Wesdome Gold Mines has a 12 month low of C$15.94 and a 12 month high of C$30.98.

Wesdome Gold Mines (TSE:WDO) last posted its earnings results on Tuesday, May 12th. The company reported C$0.79 EPS for the quarter. Wesdome Gold Mines had a net margin of 39.54% and a return on equity of 46.09%. The business had revenue of C$299.79 million for the quarter. As a group, research analysts forecast that Wesdome Gold Mines will post 1.293456 EPS for the current fiscal year.

Insider Activity at Wesdome Gold Mines

In related news, insider Rajbir Gill bought 1,047 shares of the stock in a transaction on 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 completion of the purchase, the insider directly owned 24,669 shares in the company, valued at C$592,549.38. This represents a 4.43% increase in their position. Also, insider Robert Kallio sold 4,341 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of C$24.11, for a total value of C$104,661.51. Following the completion of the sale, the insider directly owned 4,029 shares in the company, valued at approximately C$97,139.19. The trade was a 51.86% decrease in their position. Over the last ninety days, insiders sold 17,433 shares of company stock worth $423,454. 0.17% of the stock is 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.