TD Securities Increases Price Target for Torex Gold Resources

Torex Gold Resources (TSE:TXG) has recently received an upward revision in its price target from TD Securities. In a research report released on Friday, analysts at TD Securities raised the target from C$34.00 to C$38.00. This new price target indicates a potential upside of 22.30% relative to the company's current trading price, marking a significant optimistic perspective for investors.

In addition to TD Securities' update, other research firms have also made adjustments to their outlook on Torex Gold Resources. CIBC increased their target from C$23.00 to C$26.00 earlier in July. Meanwhile, BMO Capital Markets raised their target from C$29.00 to C$30.00 and labelled the stock as "outperform". National Bank Financial decided to upgrade their rating from 'hold' to 'strong-buy', while Canaccord Genuity adjusted their target from C$30.50 to C$32.00. On October 10th, National Bankshares also improved their rating and increased their price target to C$37.75.

As of now, five analysts have rated the stock as a buy, and one has assigned a strong buy rating. The average rating across all analysts is currently a ‘Buy’, with a consensus target price standing at C$31.86.

Torex Gold Resources Stock Performance

On Friday, Torex Gold Resources saw an increase in stock value, rising by C$1.35, which brought the trading price to C$31.07. In mid-day trading, a total of 158,039 shares exchanged hands, compared to an average volume of 263,192 shares. The company's fifty-day moving average is C$25.75, while the two-hundred-day moving average stands at C$22.52. Financially, Torex Gold Resources appears stable, with a current ratio of 1.09, a quick ratio of 2.12, and a debt-to-equity ratio of 7.32. The company boasts a market cap of approximately C$2.67 billion, a PE ratio of 18.68, a price-to-earnings-growth ratio of 0.02, and a beta of 1.34. Over the past year, the stock has fluctuated between a low of C$12.40 and a high of C$31.16.

Moreover, Torex Gold Resources recently announced its earnings results on August 7th. For the quarter, the company reported earnings of C$0.82 per share, surpassing analyst expectations of C$0.70 by C$0.12. The revenue for this quarter was reported at C$369.83 million, showcasing a return on equity of 7.12% and a net margin of 11.16%. Analysts predict that the company will achieve an EPS of approximately 3.63 for the current fiscal year.

About Torex Gold Resources

Torex Gold Resources Inc. operates primarily as an intermediate gold producer located in Mexico. The company has a 100% stake in the Morelos Gold property, which encompasses the Morelos Complex. This includes the El Limón Guajes Mine Complex, as well as the Media Luna Project and related processing facilities within an expansive area of about 29,000 hectares located southwest of Mexico City.

Torex, Gold, Resources