RBC Capital Sticks to Their Buy Rating for Guyana Goldfields

By Ryan Adsit

The Materials sector company, Guyana Goldfields (TSX: GUY), has received a rating update from a Wall Street analyst yesterday. Analyst Stephen Walker from RBC Capital rated Guyana Goldfields (TSX: GUY) a Buy, setting a C$8.50 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 Guyana Goldfields is Strong Buy and the average price target is C$9, representing a 48.5% upside.

In a report issued on May 2, TD Securities also reiterated a Buy rating on the stock with a C$9.50 price target.

Based on Guyana Goldfields’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$66.12 million and quarterly net profit of C$13.15 million. In comparison, last year the company earned revenue of C$66.67 million and had a net profit of C$9.64 million.

Guyana Goldfields, Inc. engages in the acquisition, exploration, evaluation, and development of gold resource properties in Guyana. The company owns interest in the Aurora gold and Sulphur Rose projects located in Guyana. It also holds interests in Aranka properties, which is located in the Aranka district of Guyana. Guyana Goldfields was founded by John Patrick Sheridan Jr. in 1996 and is headquartered in Toronto, Canada.

The company’s shares closed last Monday at $6.06.