Torex Gold Resources (TSE:TXG) Shares Down 11.6% – Here’s Why

Torex Gold Resources Inc. (TSE:TXG)’s share price was down 11.6% during mid-day trading on Friday . The company traded as low as C$27.44 and last traded at C$28.22. Approximately 205,638 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 258,413 shares. The stock had previously closed at C$31.91.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TXG. Scotiabank lifted their price target on shares of Torex Gold Resources from C$33.00 to C$37.00 in a research report on Thursday, November 21st. Cormark raised their price objective on shares of Torex Gold Resources from C$30.00 to C$33.00 in a research note on Friday, September 6th. National Bank Financial upgraded shares of Torex Gold Resources from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 9th. BMO Capital Markets raised their price objective on shares of Torex Gold Resources from C$29.00 to C$30.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, National Bankshares upgraded shares of Torex Gold Resources from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from C$31.25 to C$37.75 in a research note on Thursday, October 10th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of C$33.69.

Torex Gold Resources Price Performance

The stock’s 50-day simple moving average is C$28.89 and its 200 day simple moving average is C$24.79. The company has a quick ratio of 2.12, a current ratio of 1.09 and a debt-to-equity ratio of 7.32. The company has a market cap of C$2.37 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 0.02 and a beta of 1.34.

Torex Gold Resources (TSE:TXG) last issued its quarterly earnings results on Wednesday, November 6th. The company reported C$1.02 earnings per share for the quarter, topping the consensus estimate of C$0.82 by C$0.20. Torex Gold Resources had a return on equity of 7.12% and a net margin of 11.16%. The firm had revenue of C$427.96 million during the quarter. On average, equities research analysts anticipate that Torex Gold Resources Inc. will post 3.6254502 EPS for the current fiscal year.

Torex Gold Resources Company Profile

Torex Gold Resources Inc operates as an intermediate gold producer in Mexico. It primarily holds a 100% interest in the Morelos Gold property, including Morelos Complex, which includes the El Limón Guajes Mine Complex; the Media Luna Project, a processing plant; and related infrastructure that covers an area of 29,000 hectares located southwest of Mexico City.