Stock Buyback Plan Approved by OceanaGold (TSE:OGC) Board

OceanaGold (TSE:OGC) declared that its Board of Directors has approved a share buyback plan on Wednesday, February 18th, RTT News reports. The company plans to repurchase $350.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

OceanaGold Stock Up 4.7%

Shares of TSE OGC opened at C$52.15 on Thursday. OceanaGold has a twelve month low of C$10.86 and a twelve month high of C$54.02. The stock has a market cap of C$11.91 billion, a price-to-earnings ratio of 30.50 and a beta of 1.94. The company’s fifty day moving average is C$44.54 and its 200-day moving average is C$34.90.

OceanaGold (TSE:OGC) last released its quarterly earnings data on Wednesday, February 18th. The company reported C$1.21 EPS for the quarter. The business had revenue of C$870.81 million during the quarter. OceanaGold had a net margin of 5.86% and a return on equity of 3.82%. On average, research analysts anticipate that OceanaGold will post 0.6283048 EPS for the current fiscal year.

Analyst Ratings Changes

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

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.