Torex Gold Resources (TSE:TXG) Downgraded by ATB Cormark Capital Markets to Hold

ATB Cormark Capital Markets downgraded shares of Torex Gold Resources (TSE:TXG) from a moderate buy rating to a hold rating in a report published on Monday,Zacks.com reports.

Several other analysts have also issued reports on the company. National Bank Financial reduced their target price on Torex Gold Resources from C$89.00 to C$85.00 and set an “outperform” rating on the stock in a report on Monday. Canadian Imperial Bank of Commerce cut their price objective on shares of Torex Gold Resources from C$100.00 to C$90.00 in a research report on Friday. Finally, Scotiabank cut their price objective on shares of Torex Gold Resources from C$105.00 to C$95.00 in a research report on Friday. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of C$85.00.

Torex Gold Resources Price Performance

Shares of Torex Gold Resources stock opened at C$61.61 on Monday. The company has a quick ratio of 2.12, a current ratio of 1.38 and a debt-to-equity ratio of 3.86. The stock has a market capitalization of C$5.75 billion, a price-to-earnings ratio of 9.87, a price-to-earnings-growth ratio of 0.02 and a beta of 1.96. Torex Gold Resources has a twelve month low of C$40.01 and a twelve month high of C$85.00. The company has a 50-day simple moving average of C$56.92 and a two-hundred day simple moving average of C$62.69.

Torex Gold Resources (TSE:TXG) last announced its earnings results on Thursday, August 6th. The company reported C$1.28 earnings per share (EPS) for the quarter. The firm had revenue of C$578.12 million for the quarter. Torex Gold Resources had a net margin of 33.02% and a return on equity of 25.62%. Analysts forecast that Torex Gold Resources will post 3.6254502 EPS for the current year.

Torex Gold Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, June 4th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, May 21st. This is a positive change from Torex Gold Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 1.0%. Torex Gold Resources’s payout ratio is presently 3.48%.

Insider Activity at Torex Gold Resources

In related news, insider Daniel James Thomas Rollins purchased 850 shares of Torex Gold Resources stock in a transaction dated Tuesday, June 2nd. The shares were bought at an average cost of C$61.51 per share, for a total transaction of C$52,283.50. Following the purchase, the insider owned 13,926 shares in the company, valued at approximately C$856,588.26. This trade represents a 6.50% increase in their position. Insiders have bought a total of 2,250 shares of company stock valued at $137,030 over the last three months. 0.35% of the stock is currently owned by corporate insiders.

About Torex Gold Resources

Torex Gold Resources Inc is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, which is currently Mexico’s largest single gold producer.