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

TMAC Resources Inc (TSE:TMR) had its price target lowered by research analysts at CIBC from C$18.00 to C$16.00 in a research note issued to investors on Monday, July 17th. The brokerage currently has a “neutral” rating on the stock. CIBC’s target price indicates a potential upside of 43.76% from the stock’s previous close.

Separately, TD Securities reduced their target price on TMAC Resources from C$20.00 to C$19.00 and set a “speculative buy” rating on the stock in a research report on Tuesday, May 16th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of C$18.30.

Shares of TMAC Resources (TSE TMR) traded down 4.13% during mid-day trading on Monday, reaching $11.13. 67,624 shares of the company’s stock were exchanged. The company’s market cap is $935.01 million. TMAC Resources has a 52-week low of $10.68 and a 52-week high of $20.18. The company’s 50-day moving average price is $13.02 and its 200 day moving average price is $15.17.

TMAC Resources (TSE:TMR) last released its earnings results on Monday, May 15th. The company reported ($0.03) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. On average, equities research analysts predict that TMAC Resources will post $0.15 EPS for the current year.

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In other news, insider Floyd D. Varley sold 6,530 shares of the stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of C$15.10, for a total value 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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