OceanaGold (TSE:OGC) Hits New 1-Year High – Here’s What Happened

OceanaGold Co. (TSE:OGC) hit a new 52-week high during trading on Wednesday . The stock traded as high as C$57.25 and last traded at C$56.71, with a volume of 1217739 shares traded. The stock had previously closed at C$57.00.

Analyst Ratings Changes

OGC has been the subject of a number of research analyst reports. Scotiabank increased their price target on shares of OceanaGold from C$44.00 to C$65.00 in a report on Monday, January 26th. Canadian Imperial Bank of Commerce upped their target price on shares of OceanaGold from C$50.00 to C$66.00 in a research report on Wednesday, February 4th. Jefferies Financial Group lifted their price target on shares of OceanaGold from C$45.00 to C$53.00 in a research report on Monday, January 19th. Desjardins boosted their price target on OceanaGold from C$63.00 to C$65.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Finally, TD Securities raised their price objective on OceanaGold from C$38.00 to C$56.00 in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of C$49.88.

OceanaGold Trading Down 0.5%

The firm has a market capitalization of C$12.95 billion, a PE ratio of 33.16 and a beta of 1.94. The stock’s 50 day moving average price is C$45.87 and its two-hundred day moving average price is C$35.98.

OceanaGold (TSE:OGC) last posted its earnings results on Wednesday, February 18th. The company reported C$1.21 earnings per share (EPS) for the quarter. The firm had revenue of C$870.81 million for the quarter. OceanaGold had a return on equity of 3.82% and a net margin of 5.86%. Analysts expect that OceanaGold Co. will post 0.6283048 earnings per share for the current year.

OceanaGold announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 18th that authorizes the company to repurchase $350.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

About OceanaGold

OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.