OceanaGold (TSE:OGC) Issues Quarterly Earnings Results

OceanaGold (TSE:OGC) announced its earnings results on Wednesday. The company reported C$1.21 earnings per share for the quarter, FiscalAI reports. The business had revenue of C$870.81 million for the quarter. OceanaGold had a return on equity of 3.82% and a net margin of 5.86%.

OceanaGold Trading Up 4.7%

TSE OGC opened at C$52.15 on Thursday. The firm has a market cap of C$11.91 billion, a PE ratio of 30.50 and a beta of 1.94. OceanaGold has a 1-year low of C$10.86 and a 1-year high of C$54.02. The stock has a 50-day moving average of C$44.54 and a 200-day moving average of C$34.90.

Analysts Set New Price Targets

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

OceanaGold declared that its Board of Directors has initiated a share buyback plan on Wednesday, February 18th that authorizes the company to buyback $350.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 2.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management 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.