Zacks Research Upgrades Oceanagold (NYSE:OGC) to Hold

Oceanagold (NYSE:OGC) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.

A number of other research analysts have also commented on the stock. Wall Street Zen lowered shares of Oceanagold from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 22nd. Jefferies Financial Group raised Oceanagold to a “strong-buy” rating in a research note on Tuesday, June 9th. Weiss Ratings restated a “buy (b-)” rating on shares of Oceanagold in a research report on Friday, September 4th. Finally, Scotiabank upgraded Oceanagold to a “strong-buy” rating in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy”.

Oceanagold Trading Up 2.9%

OGC opened at $31.12 on Tuesday. Oceanagold has a 12 month low of $19.33 and a 12 month high of $43.33. The company has a market cap of $6.92 billion and a P/E ratio of 15.64. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.24 and a current ratio of 1.63. The business has a 50 day simple moving average of $26.99.

Oceanagold (NYSE:OGC) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.05. Oceanagold had a return on equity of 36.44% and a net margin of 35.14%.The firm had revenue of $647.30 million for the quarter. Research analysts forecast that Oceanagold will post 4.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Oceanagold

A number of hedge funds and other institutional investors have recently modified their holdings of OGC. Nykredit A S purchased a new position in shares of Oceanagold during the second quarter valued at approximately $125,000. Engineers Gate Manager LP purchased a new position in Oceanagold during the 2nd quarter valued at about $337,000. Tidal Investments LLC bought a new stake in Oceanagold during the second quarter worth about $355,000. TD Waterhouse Canada Inc. purchased a new stake in Oceanagold in the second quarter worth about $584,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in Oceanagold in the second quarter worth about $603,000.

About Oceanagold

OceanaGold Corporation is a gold and copper mining company that explores for, develops, and operates precious metals projects. The company’s portfolio includes producing mines and development assets, with a focus on the extraction and processing of gold and copper from its owned and operated operations.

Founded in 1989, OceanaGold has built a business centered on long-life mineral assets and responsible mining practices. Its operations have historically been located in the Asia-Pacific region, including New Zealand, the Philippines, and the United States, giving it exposure to several established mining jurisdictions.

The company is headquartered in Vancouver, Canada.