OceanaGold (TSE:OGC) Reaches New 1-Year High – Still a Buy?

OceanaGold Co. (TSE:OGC)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as C$54.25 and last traded at C$52.88, with a volume of 95496 shares trading hands. The stock had previously closed at C$52.15.

Analyst Ratings Changes

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

OceanaGold Price Performance

The company has a market capitalization of C$12.44 billion, a P/E ratio of 31.85 and a beta of 1.94. The stock has a 50-day moving average price of C$45.13 and a 200-day moving average price of C$35.27.

OceanaGold (TSE:OGC) last announced its earnings results on Wednesday, February 18th. The company reported C$1.21 EPS for the quarter. OceanaGold had a return on equity of 3.82% and a net margin of 5.86%.The business had revenue of C$870.81 million for the quarter. Sell-side analysts anticipate that OceanaGold Co. will post 0.6283048 EPS for the current fiscal year.

OceanaGold announced that its board has authorized a stock buyback program on Wednesday, February 18th that permits the company to buyback $350.00 million in shares. This buyback authorization permits the company to repurchase up to 2.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

OceanaGold Company Profile

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.