Richmont Mines Inc. (RIC) Given Average Recommendation of “Buy” by Brokerages

Richmont Mines Inc. (TSE:RIC) (ARCA:RIC) has been assigned a consensus recommendation of “Buy” from the eight research firms that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is C$14.07.

RIC has been the subject of several recent analyst reports. TD Securities restated a “buy” rating and set a C$15.50 target price on shares of Richmont Mines in a research note on Friday, May 5th. Cormark upgraded Richmont Mines from a “market perform” rating to a “buy” rating and set a C$14.00 target price for the company in a research note on Thursday, June 1st. BMO Capital Markets restated a “market perform” rating and set a C$12.25 target price on shares of Richmont Mines in a research note on Monday, April 17th. National Bank Financial initiated coverage on Richmont Mines in a research note on Tuesday, May 23rd. They set an “outperform” rating and a C$13.50 target price for the company. Finally, Scotiabank restated a “sector perform” rating and set a C$12.50 target price on shares of Richmont Mines in a research note on Friday, May 19th.

In other news, insider Christian Bourcier acquired 7,000 shares of Richmont Mines stock in a transaction on Tuesday, June 6th. The stock was bought at an average price of C$10.07 per share, for a total transaction of C$70,490.00.

Shares of Richmont Mines (RIC) traded up 1.66% during trading on Friday, hitting $9.79. 439,212 shares of the stock were exchanged. Richmont Mines has a 52-week low of $7.36 and a 52-week high of $15.01. The firm has a 50 day moving average of $9.99 and a 200-day moving average of $10.19. The stock has a market cap of $623.88 million and a PE ratio of 67.05.

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About Richmont Mines

Richmont Mines Inc engages in the mining, exploration, and development of mining properties in Canada. The company holds interests in the Island Gold mine in Ontario; and the Beaufor mine and Camflo Mill in Quebec. As of December 31, 2016, it had proven and probable reserves of 752,200 ounces of gold at the Island Gold Mine; and 44,920 ounces of gold at the Beaufor Mine.

Analyst Recommendations for Richmont Mines (TSE:RIC)

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