RBC Capital Sticks to Their Buy Rating for Torex Gold Resources

By Carrie Williams

Torex Gold Resources (TSX: TXG), the Materials sector company, has received a rating update from a Wall Street analyst yesterday. Analyst Stephen Walker from RBC Capital reiterated a Buy rating, with a C$33 price target.

According to TipRanks.com, Walker is a 4-star analyst with an average return of 3.9% and a 49.9% success rate. Walker covers the Basic Materials sector, focusing on stocks such as Newmont Mining Corporation, Novagold Resources Inc New, and Hecla Mining Company.

Currently, the analyst consensus on Torex Gold Resources is Strong Buy and the average price target is C$33.83, representing a 46.0% upside.

In a report issued on May 3, Scotiabank also maintained a Buy rating on the stock with a C$34 price target.

Based on Torex Gold Resources’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$115 million and quarterly net profit of C$11.78 million. In comparison, last year the company earned revenue of C$0 and had a GAAP net loss of C$51.97 million.

Torex Gold Resources, Inc. is a Canadian based resource company, which engages in the exploration and development of precious metal resources with a focus on gold. It holds interest in Morelos gold project. The company was founded on November 13, 1980 and is headquartered in Toronto, Canada.

The company’s shares closed last Monday at $23.17.