Detour Gold Co. (DGC) Shares Down 4.1% Following Analyst Downgrade

Detour Gold Co. (TSE:DGC)’s share price fell 4.1% during trading on Thursday after Scotiabank lowered their price target on the stock from C$21.00 to C$18.00. Scotiabank currently has an outperform rating on the stock. Detour Gold traded as low as C$13.27 and last traded at C$13.38. 933,077 shares traded hands during trading, an increase of 7% from the average session volume of 869,183 shares. The stock had previously closed at C$13.95.

Other equities analysts have also recently issued reports about the company. CSFB upgraded Detour Gold from a “neutral” rating to an “outperform” rating and set a C$16.00 target price for the company in a research report on Thursday. National Bank Financial boosted their target price on Detour Gold from C$20.50 to C$23.00 in a research report on Friday, July 28th. Credit Suisse Group upgraded Detour Gold from a “neutral” rating to an “outperform” rating in a research report on Wednesday, August 2nd. Finally, Canaccord Genuity boosted their target price on Detour Gold from C$21.00 to C$22.50 in a research report on Friday, September 29th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of C$20.60.

In other news, Director Paul Douglas Martin acquired 6,250 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was purchased at an average cost of C$15.43 per share, for a total transaction of C$96,437.50.

The firm’s 50 day moving average price is $14.77 and its 200-day moving average price is $15.93. The company has a market capitalization of $2.34 billion and a P/E ratio of 89.27.

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About Detour Gold

Detour Gold Corporation is a Canada-based intermediate gold producing company. The Company is engaged in the acquisition, exploration, development and operation of mineral property interests. Its primary asset is its Detour Lake mine, which is an open pit operation located in northeastern Ontario, approximately 300 kilometers northeast of Timmins and over 180 kilometers by road northeast of Cochrane.

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