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

Wesdome Gold Mines Ltd. (TSE:WDO) crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of C$29.87 and traded as high as C$34.50. Wesdome Gold Mines shares last traded at C$34.00, with a volume of 311,417 shares traded.

Analyst Upgrades and Downgrades

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

Wesdome Gold Mines Price Performance

The firm has a market capitalization of C$4.91 billion, a P/E ratio of 12.35 and a beta of 1.32. The stock’s 50 day simple moving average is C$33.30 and its 200 day simple moving average is C$28.59. 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 posted its quarterly earnings results on Thursday, August 13th. The company reported C$0.65 earnings per share for the quarter. Wesdome Gold Mines had a net margin of 38.46% and a return on equity of 43.77%. The firm had revenue of C$266.76 million during the quarter. As a group, analysts expect that Wesdome Gold Mines Ltd. will post 1.293456 earnings per share for the current fiscal year.

Wesdome Gold Mines Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%.

Insider Buying and Selling at Wesdome Gold Mines

In related news, Director Anthea Ingrid Bath sold 66,961 shares of Wesdome Gold Mines stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of C$31.15, for a total value of C$2,085,835.15. Following the completion of the sale, the director directly owned 130,128 shares in the company, valued at C$4,053,487.20. The trade was a 33.98% decrease in their ownership of the stock. 0.17% of the stock is owned by 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.