Oceanagold (NYSE:OGC) Rating Lowered to “Strong Sell” at Zacks Research

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

Several other research analysts also recently issued reports on the company. Wall Street Zen downgraded Oceanagold from a “buy” rating to a “hold” rating in a research note on Saturday, October 17th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Oceanagold in a research report on Friday, September 4th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Oceanagold in a report on Friday, October 16th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy”.

Oceanagold Stock Performance

Shares of OGC stock opened at $23.62 on Monday. Oceanagold has a twelve month low of $20.18 and a twelve month high of $43.33. The stock’s fifty day moving average price is $27.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.24 and a current ratio of 1.63.

Oceanagold (NYSE:OGC) last posted its earnings results on Wednesday, August 5th. The company reported $0.98 EPS 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 during the quarter. On average, equities analysts anticipate that Oceanagold will post 4.07 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH acquired a new stake in shares of Oceanagold during the second quarter worth $63,741,000. Ninety One UK Ltd acquired a new position in Oceanagold in the third quarter valued at $63,288,000. Groupe la Francaise acquired a new position in Oceanagold in the second quarter valued at $19,560,000. The Manufacturers Life Insurance Company acquired a new position in Oceanagold in the second quarter valued at $15,332,000. Finally, Public Employees Retirement System of Ohio bought a new stake in Oceanagold during the second quarter valued at $14,465,000.

About Oceanagold

OceanaGold Corporation is a Canadian precious-metals mining company headquartered in Vancouver, British Columbia. The company explores, develops and operates mines that produce gold and, in some operations, copper concentrates.

OceanaGold’s principal assets have included the Haile Gold Mine in South Carolina, the Didipio gold-copper mine in the Philippines, and gold operations in New Zealand, including the Waihi and Macraes mines. Its operations and projects have given the company a presence across North America, Asia and Oceania.

Founded in 2003, OceanaGold has grown through the development and acquisition of producing mines and mineral projects.