Wesdome Gold Mines (TSE:WDO) Shares Cross Above 50-Day Moving Average – Should You Sell?

Wesdome Gold Mines Ltd. (TSE:WDO)’s share price 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.

Analysts Set New Price Targets

A number of brokerages have recently commented on WDO. Canaccord Genuity Group raised shares of Wesdome Gold Mines from a “hold” rating to a “buy” rating and upped their target price for the company from C$30.00 to C$31.00 in a report on Monday, June 1st. National Bank Financial raised their price target on 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. Stifel Nicolaus upgraded Wesdome Gold Mines to a “strong-buy” rating in a research report on Monday, June 29th. Desjardins upped their price objective on 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. Finally, BMO Capital Markets cut Wesdome Gold Mines from an “outperform” rating to a “hold” rating and increased their price objective for the stock from C$30.00 to C$34.00 in a research report on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Wesdome Gold Mines currently has an average rating of “Buy” and an average price target of C$33.38.

Wesdome Gold Mines Trading Down 0.7%

The business’s 50-day moving average is C$29.87 and its two-hundred day moving average is C$27.28. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.37 and a current ratio of 6.90. The stock has a market capitalization of C$4.88 billion, a PE ratio of 12.27 and a beta of 1.65.

Wesdome Gold Mines (TSE:WDO) last announced its quarterly earnings data 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 for the quarter. Wesdome Gold Mines had a net margin of 38.46% and a return on equity of 43.77%. As a group, equities research analysts anticipate that Wesdome Gold Mines Ltd. will post 1.293456 earnings per share for the current year.

Wesdome Gold Mines Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th will be paid a dividend of $0.0306 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Tuesday, September 15th.

Insider Activity

In other news, insider Philip Chow Yee acquired 6,250 shares of Wesdome Gold Mines stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average price of C$24.15 per share, for a total transaction of C$150,937.50. Following the completion of the transaction, the insider directly owned 12,500 shares in the company, valued at approximately C$301,875. This trade represents a 100.00% increase in their ownership of the stock. Also, Director Anthea Ingrid Bath sold 66,961 shares of Wesdome Gold Mines 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 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. This represents a 33.98% decrease in their position. In the last three months, insiders have sold 84,394 shares of company stock valued at $2,509,289. 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.