Oceanagold (NYSE:OGC) Cut to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen downgraded OceanaGold from “Buy” to “Hold,” although the broader analyst consensus remains “Buy,” with ratings including Strong Buy, Buy, and Hold.
• OceanaGold shares opened at $27.02, up 1.4%, with a 52-week range of $20.18 to $43.33. The company recently exceeded quarterly earnings expectations, reporting $0.98 in EPS versus the $0.93 consensus estimate.
• Institutional interest has increased, including a roughly $63.3 million position acquired by Ninety One UK and a $15.3 million stake purchased by Manufacturers Life Insurance.

Oceanagold (NYSE:OGC - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

OGC has been the topic of a number of other research reports. Weiss Ratings restated a "buy (b-)" rating on shares of Oceanagold in a report on Friday, September 4th. Zacks Research raised Oceanagold from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 8th. Finally, Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Oceanagold in a research note on Friday. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, Oceanagold has a consensus rating of "Buy".

Oceanagold Trading Up 1.4%

Shares of NYSE:OGC opened at $27.02 on Friday. Oceanagold has a 1 year low of $20.18 and a 1 year high of $43.33. The company has a quick ratio of 1.24, a current ratio of 1.63 and a debt-to-equity ratio of 0.01. The stock's fifty day moving average price is $28.72.

Oceanagold (NYSE:OGC - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.93 by $0.05. Oceanagold had a return on equity of 36.44% and a net margin of 35.14%. The firm had revenue of $647.30 million for the quarter. Analysts expect that Oceanagold will post 4.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vontobel Holding Ltd. acquired a new position in Oceanagold during the third quarter worth $311,000. Ninety One UK Ltd acquired a new stake in shares of Oceanagold during the 3rd quarter worth about $63,288,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Oceanagold during the 2nd quarter worth about $15,332,000. Sequoia Financial Advisors LLC bought a new position in Oceanagold during the 2nd quarter valued at about $603,000. Finally, Tidal Investments LLC acquired a new position in Oceanagold in the second quarter valued at about $355,000.

About Oceanagold

OceanaGold Corporation is a multinational mining company focused on the exploration, development and operation of gold and copper assets. Its primary products are gold and copper concentrates, which are produced through open-pit and underground mining operations.

The company operates the Haile Gold Mine in South Carolina, the Didipio gold-copper mine in the Philippines, and the Macraes and Waihi gold operations in New Zealand. It also maintains exploration and development activities intended to extend mine lives and identify additional mineral resources in the regions where it operates.

OceanaGold has a history dating to the 1990s and is headquartered in Vancouver, Canada.

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