Share Repurchase Program Approved by OceanaGold (TSE:OGC)

OceanaGold (TSE:OGC) announced that its board has authorized a share buyback program on Wednesday, February 18th, RTT News reports. The company plans to buyback $350.00 million in shares. This buyback authorization permits the company to purchase up to 2.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

OceanaGold Price Performance

Shares of TSE OGC opened at C$52.15 on Friday. The firm’s 50-day moving average price is C$44.81 and its 200-day moving average price is C$35.02. OceanaGold has a 52-week low of C$10.86 and a 52-week high of C$54.25. The company has a market cap of C$11.91 billion, a PE ratio of 30.50 and a beta of 1.94.

OceanaGold (TSE:OGC) last posted 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 company had revenue of C$870.81 million for the quarter. As a group, equities research analysts anticipate that OceanaGold will post 0.6283048 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on OGC shares. Canadian Imperial Bank of Commerce lifted their target price on shares of OceanaGold from C$50.00 to C$66.00 in a research note on Wednesday, February 4th. Scotiabank upped their target price on OceanaGold from C$44.00 to C$65.00 in a report on Monday, January 26th. TD Securities increased their target price on OceanaGold from C$38.00 to C$56.00 in a research report on Thursday, January 22nd. Desjardins set a C$50.00 price target on OceanaGold and gave the company a “buy” rating in a research report on Friday, November 28th. Finally, Jefferies Financial Group increased their price objective on OceanaGold from C$45.00 to C$53.00 in a report on Monday, January 19th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. Based on data from MarketBeat, OceanaGold has a consensus rating of “Buy” and an average price target of C$48.00.

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.