OceanaGold Co. (OGC) Upgraded to “Outperform” at Scotiabank
OceanaGold Co. (TSE:OGC) was upgraded by equities researchers at Scotiabank from a “sector perform” rating to an “outperform” rating in a research report issued on Wednesday. The firm currently has a C$6.50 price objective on the stock, up from their prior price objective of C$6.25. Scotiabank’s price target suggests a potential upside of 48.06% from the company’s previous close.
Other equities analysts have also recently issued research reports about the stock. Raymond James Financial Inc. increased their price objective on shares of OceanaGold from C$5.20 to C$6.00 in a research note on Monday, June 27th. National Bank Financial raised their target price on shares of OceanaGold from C$6.00 to C$6.50 in a research note on Wednesday, July 13th. Barclays PLC initiated coverage on shares of OceanaGold in a research note on Friday, July 8th. They set an “equal weight” rating and a C$6.00 target price on the stock. Finally, BMO Capital Markets restated a “market perform” rating and set a C$6.00 target price on shares of OceanaGold in a research note on Wednesday, September 7th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of C$5.13.
Shares of OceanaGold (TSE:OGC) traded up 3.19% during midday trading on Wednesday, hitting $4.53. 714,559 shares of the stock were exchanged. The firm has a market cap of $2.76 billion and a PE ratio of 26.80. OceanaGold has a 52-week low of $1.79 and a 52-week high of $5.56. The firm’s 50-day moving average is $4.61 and its 200 day moving average is $4.36.
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OceanaGold Company Profile
OceanaGold Corporation is an Australia-based gold mining and exploration company. The Company is engaged in the production of gold. The Company operates through three segments: New Zealand, the Philippines and the USA. Its asset portfolio consists of the Macraes Operations (Macraes), which include the operating Macraes open pit gold mines and Frasers underground gold mine; the Didipio Operations (Didipio), which includes an open pit that commenced commercial production, and an underground mine; the Waihi Gold Mine Operation (Waihi), which includes the Martha open pit and Correnso underground gold mine, and the Haile Gold Mine Project (Haile).
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