Scotiabank Issues Positive Forecast for OceanaGold (TSE:OGC) Stock Price

OceanaGold (TSE:OGC) had its price objective increased by investment analysts at Scotiabank from C$6.50 to C$20.50 in a report issued on Tuesday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Scotiabank’s target price would indicate a potential upside of 5.78% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. TD Securities cut OceanaGold from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 27th. National Bank Financial raised shares of OceanaGold to a “strong-buy” rating in a research report on Friday, March 21st. Royal Bank Of Canada raised their price target on shares of OceanaGold from C$21.00 to C$24.00 in a report on Tuesday, June 3rd. Finally, Raymond James Financial upped their price objective on shares of OceanaGold from C$16.50 to C$19.50 in a report on Friday, April 4th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, OceanaGold currently has an average rating of “Buy” and an average price target of C$18.61.

OceanaGold Stock Performance

Shares of TSE:OGC traded down C$1.07 during midday trading on Tuesday, hitting C$19.38. 414,087 shares of the stock were exchanged, compared to its average volume of 745,355. The business’s fifty day simple moving average is C$6.12 and its two-hundred day simple moving average is C$4.89. OceanaGold has a 52-week low of C$8.94 and a 52-week high of C$21.21. The company has a market capitalization of C$9.63 billion, a PE ratio of 157.16 and a beta of 1.62.

Insider Transactions at OceanaGold

In other news, Director Ian Macnevin Reid purchased 8,666 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were purchased at an average cost of C$16.89 per share, for a total transaction of C$146,368.74. 0.15% of the stock is currently owned by corporate insiders.

About OceanaGold

OceanaGold Corporation, a gold and copper producer, engages in exploration, development, and operation of mineral properties in the United States, the Philippines, and New Zealand. It explores for gold, copper, and silver deposits. OceanaGold Corporation was founded in 2003 and is based in Vancouver, Canada.