Westgold Resources (WGXRF) Receives a Buy from Canaccord Genuity

Canaccord Genuity analyst Tim McCormack maintained a Buy rating on Westgold Resources today and set a price target of A$6.20. The company’s shares opened today at $3.45.

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According to TipRanks, McCormack is a top 100 analyst with an average return of 27.2% and a 72.65% success rate. McCormack covers the Basic Materials sector, focusing on stocks such as Ora Banda Mining, Vault Minerals Limited, and Catalyst Metals Limited.

Westgold Resources has an analyst consensus of Strong Buy, with a price target consensus of $3.28, implying a -4.93% downside from current levels. In a report released today, Goldman Sachs also maintained a Buy rating on the stock with a A$5.50 price target.

Based on Westgold Resources’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $736.35 million and a net profit of $62.31 million. In comparison, last year the company earned a revenue of $353.37 million and had a net profit of $51.44 million

Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of WGXRF in relation to earlier this year.