OceanaGold (TSE:OGC) Hits New 1-Year High – Still a Buy?

OceanaGold Co. (TSE:OGC)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as C$54.25 and last traded at C$52.88, with a volume of 95496 shares trading hands. The stock had previously closed at C$52.15.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. TD Securities increased their price target on OceanaGold from C$38.00 to C$56.00 in a report on Thursday, January 22nd. Desjardins set a C$50.00 target price on shares of OceanaGold and gave the stock a “buy” rating in a research note on Friday, November 28th. Canadian Imperial Bank of Commerce lifted their target price on shares of OceanaGold from C$50.00 to C$66.00 in a report on Wednesday, February 4th. Scotiabank increased their price target on shares of OceanaGold from C$44.00 to C$65.00 in a report on Monday, January 26th. Finally, Jefferies Financial Group raised their price objective on shares of OceanaGold from C$45.00 to C$53.00 in a research report on Monday, January 19th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of C$44.58.

OceanaGold Price Performance

The stock has a market cap of C$12.10 billion, a price-to-earnings ratio of 30.96 and a beta of 1.94. The company’s 50 day moving average is C$44.54 and its 200 day moving average is C$34.90.

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 net margin of 5.86% and a return on equity of 3.82%. The company had revenue of C$870.81 million for the quarter. Sell-side analysts predict that OceanaGold Co. will post 0.6283048 earnings per share for the current year.

OceanaGold announced that its board has authorized a share repurchase program on Wednesday, February 18th that permits the company to repurchase $350.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

OceanaGold Company Profile

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.