CIBC Downgrades Richmont Mines (USA) to Sector Performer

Brokerage firm CIBC Downgrades its rating on Richmont Mines (USA)(NYSEMKT:RIC). The shares have been rated Sector Performer. Previously, the analysts had a Outperformer rating on the shares. The rating by CIBC was issued on Aug 9, 2016.

Richmont Mines (USA) (RIC) shares turned negative on Wednesdays trading session with the shares closing down -0.23 points or -2.26% at a volume of 8,23,355. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $10.0904. The peak price level was also seen at $10.0904 while the days lowest was $9.39. Finally the shares closed at $9.95. The 52-week high of the shares is $11.48 while the 52-week low is $2.41. According to the latest information available, the market cap of the company is $624 M.

Richmont Mines (USA)(RIC) last announced its earnings results on Aug 8, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $31.52M. Analysts had an estimated revenue of $30.16M. Earnings per share were $0.03. Analysts had estimated an EPS of $0.05.

Richmont Mines Inc. (Richmont) is principally engaged in activities related to the acquisition exploration development and operation of mineral properties. The Company operates around three gold mines (the Beaufor and Monique mines in Quebec and the Island Gold Mine in Ontario) and is also engaged in the development of the extension of its Island Gold Mine operations. The Company’s Beaufor Mine property and the W Zone Mine along with other adjacent properties such as Pascalis Perron Colombiere Courvan and Perron Blocks 2 and 3 are located approximately 20 kilometers northeast of the town of Val-d’Or in the Abitibi-East county in the Province of Quebec. The Company’s Monique Mine is located 25 kilometers east of Val-d’Or in the province of Quebec. Richmont’s Island Gold Mine is located approximately 83 kilometers northeast of Wawa Ontario in the Sault Ste. Marie Mining Division.

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