Torex Gold Resources (TSE:TXG) Reaches New 1-Year High – Time to Buy?

Shares of Torex Gold Resources Inc. (TSE:TXG) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$49.32 and last traded at C$49.22, with a volume of 313191 shares trading hands. The stock had previously closed at C$45.81.

Analysts Set New Price Targets

A number of brokerages have recently commented on TXG. Royal Bank Of Canada upped their price objective on shares of Torex Gold Resources from C$60.00 to C$65.00 in a research report on Thursday, June 12th. Scotiabank increased 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 report on Wednesday, June 4th. TD Securities dropped their price target on shares of Torex Gold Resources from C$64.00 to C$62.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Raymond James Financial increased their price target on shares of Torex Gold Resources from C$55.00 to C$58.00 in a research report on Thursday, August 21st. Finally, Desjardins increased their price target on shares of Torex Gold Resources from C$63.00 to C$65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Two analysts have rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of C$59.89.

Torex Gold Resources Trading Up 10.4%

The company has a market cap of C$4.36 billion, a price-to-earnings ratio of 20.81, a price-to-earnings-growth ratio of 0.02 and a beta of 0.63. The company’s fifty day moving average price is C$42.68 and its two-hundred day moving average price is C$41.27. The company has a quick ratio of 2.12, a current ratio of 1.00 and a debt-to-equity ratio of 8.09.

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.