Scotiabank Cuts TMAC Resources Inc (TMR) Price Target to C$16.00

TMAC Resources Inc (TSE:TMR) had its price target lowered by Scotiabank from C$22.00 to C$16.00 in a research note published on Monday, July 17th. The brokerage currently has a sector perform rating on the stock.

A number of other equities analysts also recently weighed in on TMR. TD Securities cut their price target on shares of TMAC Resources from C$20.00 to C$19.00 and set a speculative buy rating on the stock in a report on Tuesday, May 16th. CIBC cut their price target on shares of TMAC Resources from C$18.00 to C$16.00 and set a neutral rating on the stock in a report on Monday, July 17th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of C$18.30.

Shares of TMAC Resources (TSE:TMR) traded down 4.13% during trading on Monday, hitting $11.13. 67,624 shares of the stock traded hands. The stock has a 50 day moving average price of $13.02 and a 200-day moving average price of $15.17. The stock’s market cap is $935.01 million. TMAC Resources has a 1-year low of $10.68 and a 1-year high of $20.18.

TMAC Resources (TSE:TMR) last issued its quarterly earnings results on Monday, May 15th. The company reported ($0.03) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.02. Equities analysts forecast that TMAC Resources will post $0.15 EPS for the current year.

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In other TMAC Resources news, insider Floyd D. Varley sold 6,530 shares of the company’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of C$15.10, for a total transaction of C$98,603.00.

TMAC Resources Company Profile

TMAC Resources, Inc is a Canada-based mineral exploration and development company. The Company is involved in the exploration, evaluation and development of the Hope Bay mineral property in the Kitikmeot Region of Nunavut, Canada (Hope Bay Project). Approximately 1,100 square kilometer Hope Bay Project gold deposit has approximately 4.5 million ounces of gold at an average grade of approximately 9.2 grams per ton gold (g/t Au), Inferred Mineral Resources totaling approximately 1.4 million ounces of gold at an average grade of 7.4 g/t Au and proven and probable mineral reserves totaling approximately 3.5 million ounces of gold at an average grade of 7.7 g/t Au.

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