OceanaGold (TSE:OGC) Hits New 52-Week High – Here’s What Happened

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on OGC shares. Canadian Imperial Bank of Commerce raised their price objective on shares of OceanaGold from C$66.00 to C$72.00 in a research note on Thursday. TD Securities raised their price target on OceanaGold from C$38.00 to C$56.00 in a research note on Thursday, January 22nd. Scotiabank boosted their price objective on OceanaGold from C$44.00 to C$65.00 in a report on Monday, January 26th. Jefferies Financial Group upped their price objective on OceanaGold from C$45.00 to C$53.00 in a research report on Monday, January 19th. Finally, Desjardins lifted their target price on OceanaGold from C$63.00 to C$65.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. One research 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 currently has an average rating of “Buy” and an average price target of C$50.63.

OceanaGold Stock Down 1.2%

The firm has a 50 day moving average of C$46.66 and a 200-day moving average of C$36.28. The company has a market cap of C$13.15 billion, a P/E ratio of 33.65 and a beta of 1.94.

OceanaGold (TSE:OGC) last issued its earnings results on Wednesday, February 18th. The company reported C$1.21 earnings per share 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 during the quarter. On average, research analysts predict that OceanaGold Co. will post 0.6283048 EPS for the current fiscal year.

OceanaGold announced that its board has authorized a share buyback program 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 programs are typically an indication 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.