Royal Bank Of Canada Issues Positive Forecast for OceanaGold (TSE:OGC) Stock Price

OceanaGold (TSE:OGC) had its price objective increased by Royal Bank Of Canada from C$52.00 to C$78.00 in a research note published on Thursday morning,BayStreet.CA reports.

A number of other equities analysts also recently commented on the stock. Canadian Imperial Bank of Commerce boosted their target price on shares of OceanaGold from C$66.00 to C$72.00 in a research note on Thursday, February 26th. TD Securities raised their price target on OceanaGold from C$38.00 to C$56.00 in a research note on Thursday, January 22nd. Jefferies Financial Group lifted their price target on OceanaGold from C$45.00 to C$53.00 in a report on Monday, January 19th. Scotiabank increased their price objective on OceanaGold from C$44.00 to C$65.00 in a report on Monday, January 26th. Finally, Desjardins increased their price objective on OceanaGold from C$63.00 to C$65.00 and gave the company a “buy” rating in a report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of C$56.13.

OceanaGold Stock Performance

OGC stock opened at C$50.06 on Thursday. The company’s 50 day moving average price is C$49.40 and its 200 day moving average price is C$38.35. OceanaGold has a fifty-two week low of C$12.00 and a fifty-two week high of C$59.20. The firm has a market capitalization of C$11.27 billion, a price-to-earnings ratio of 18.61 and a beta of 2.12.

OceanaGold (TSE:OGC) last issued its quarterly earnings results on Wednesday, February 18th. The company reported C$1.21 earnings per share (EPS) for the quarter. OceanaGold had a net margin of 33.30% and a return on equity of 30.82%. The company had revenue of C$870.81 million during the quarter. Equities analysts forecast that OceanaGold will post 0.6283048 EPS for the current fiscal year.

OceanaGold announced that its Board of Directors has approved a stock buyback program on Wednesday, February 18th that authorizes the company to buyback $350.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are 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.