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

Shares of OceanaGold Co. (TSE:OGC) reached 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 changing hands. The stock had previously closed at C$57.00.

Analyst Upgrades and Downgrades

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

OceanaGold Price Performance

The firm has a market capitalization of C$12.95 billion, a price-to-earnings ratio of 33.16 and a beta of 1.94. The business’s 50 day moving average price is C$45.87 and its 200-day moving average price is C$35.98.

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

OceanaGold announced that its board has approved a stock repurchase plan on Wednesday, February 18th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors 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.