Wesdome Gold Mines (TSE:WDO) Share Price Breaks Above 50-Day Moving Average – Time to Sell?

Wesdome Gold Mines Ltd. (TSE:WDO) shares passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of C$32.59 and traded as high as C$35.60. Wesdome Gold Mines shares last traded at C$35.15, with a volume of 532,801 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on WDO shares. Stifel Nicolaus raised shares of Wesdome Gold Mines to a “strong-buy” rating in a research note on Monday, June 29th. BMO Capital Markets downgraded shares of Wesdome Gold Mines from an “outperform” rating to a “hold” rating and boosted their price target for the company from C$30.00 to C$34.00 in a research note on Wednesday, August 19th. Desjardins boosted their price target on shares of Wesdome Gold Mines from C$34.00 to C$40.00 and gave the company a “buy” rating in a research note on Wednesday, August 19th. National Bank Financial upped their price objective on shares of Wesdome Gold Mines from C$34.50 to C$40.00 and gave the stock an “outperform” rating in a report on Wednesday, August 19th. Finally, Canadian Imperial Bank of Commerce increased their price objective on shares of Wesdome Gold Mines from C$32.00 to C$35.00 in a research report on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of C$33.38.

Wesdome Gold Mines Stock Down 0.6%

The business has a 50-day simple moving average of C$32.76 and a 200-day simple moving average of C$28.37. The company has a market cap of C$5.02 billion, a price-to-earnings ratio of 12.62 and a beta of 1.65. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.37 and a current ratio of 6.90.

Wesdome Gold Mines (TSE:WDO) last issued its quarterly earnings results on Thursday, August 13th. The company reported C$0.65 earnings per share (EPS) for the quarter. The company had revenue of C$266.76 million during the quarter. Wesdome Gold Mines had a net margin of 38.46% and a return on equity of 43.77%. On average, equities analysts anticipate that Wesdome Gold Mines Ltd. will post 1.293456 earnings per share for the current fiscal year.

Wesdome Gold Mines Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were given a dividend of $0.0306 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Tuesday, September 15th.

Insiders Place Their Bets

In other news, Director Anthea Ingrid Bath sold 66,961 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of C$31.15, for a total transaction of C$2,085,835.15. Following the completion of the sale, the director owned 130,128 shares in the company, valued at approximately C$4,053,487.20. The trade was a 33.98% decrease in their position. 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.