Royal Bank of Canada Raises Price Target for Torex Gold Resources

Torex Gold Resources (TSE:TXG) has received an increase in its price target from analysts at Royal Bank of Canada. The target was raised from C$34.00 to C$37.00 in a report released to investors on Friday. This new price target indicates a potential upside of approximately 33.57% based on the company's previous closing price.

The recent adjustment isn't the only favorable report for Torex Gold Resources. Other financial institutions have also revised their outlooks for the company. For instance, on October 10th, National Bankshares upgraded its rating for the stock from 'sector perform' to 'outperform' and established a new target price of C$37.75. Scotiabank followed suit, increasing their target from C$33.00 to C$37.00 on November 21st. Additionally, Cormark raised its price objective from C$30.00 to C$33.00 on September 6th, and TD Securities adjusted their target from C$34.00 to C$38.00 on October 18th.

Torex Gold Resources has generally received positive feedback from analysts; four have rated the stock as a buy while one has given it a strong buy designation. Currently, the stock has a consensus rating of 'Buy' and an average price target of C$34.03 according to data compiled from various sources.

Recent Stock Performance

Despite these positive assessments, on Friday, Torex Gold's stock saw a decline, dropping by C$4.21 to settle at C$27.70. The trading volume for the day reached 663,716 shares, significantly above the average volume of 260,746 shares. The company maintains a 50-day moving average of C$28.89, alongside a 200-day moving average of C$24.79. Over the past year, the stock has fluctuated with a low of C$12.79 and a high of C$32.75. Torex Gold has a market capitalization of C$2.38 billion and operates with a price-to-earnings (P/E) ratio of 16.69.

Torex Gold Resources has shown solid earnings in recent quarters. Most notably, the company reported earnings per share of C$1.02 for the quarter ending November 6th, surpassing the consensus estimate of C$0.82 by C$0.20. They also achieved a return on equity of 7.12% and a net margin of 11.16% during that quarter, reporting total revenue of C$427.96 million.

About Torex Gold Resources

Torex Gold Resources Inc. is an intermediate gold producer that operates primarily in Mexico. It holds a 100% interest in the Morelos Gold property, which includes significant operations like the El Limón Guajes Mine Complex and the Media Luna Project. This property covers a substantial area of approximately 29,000 hectares located southwest of Mexico City.

Torex, Gold, Stock