Oceanagold (NYSE:OGC) Stock Rating Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded OceanaGold from “hold” to “buy,” contributing to a broader consensus “Buy” rating from analysts.
• OceanaGold reported quarterly earnings of $0.98 per share, exceeding estimates of $0.93, on revenue of $647.3 million; analysts expect full-year EPS of $4.17.
• Shares opened at $27.08, giving the company a market capitalization of approximately $6.0 billion, while several institutional investors recently initiated positions in the stock.

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

A number of other brokerages also recently commented on OGC. Weiss Ratings reiterated a "buy (b-)" rating on shares of Oceanagold in a report on Friday, September 4th. Jefferies Financial Group raised shares of Oceanagold to a "strong-buy" rating in a research report on Tuesday, June 9th. Finally, Zacks Research upgraded shares of Oceanagold from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 8th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy".

Oceanagold Trading Up 0.3%

Shares of NYSE:OGC opened at $27.08 on Friday. The stock has a market cap of $6.00 billion and a P/E ratio of 13.61. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.63 and a quick ratio of 1.24. Oceanagold has a 12-month low of $20.18 and a 12-month high of $43.33. The firm has a fifty day moving average of $28.43.

Oceanagold (NYSE:OGC - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.98 earnings per share for the quarter, topping 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 during the quarter. Research analysts predict that Oceanagold will post 4.17 EPS for the current year.

Institutional Trading of Oceanagold

Institutional investors have recently made changes to their positions in the business. Nykredit A S purchased a new stake in Oceanagold in the second quarter valued at about $125,000. Engineers Gate Manager LP acquired a new stake in Oceanagold in the second quarter worth about $337,000. Tidal Investments LLC acquired a new stake in Oceanagold in the second quarter worth about $355,000. TD Waterhouse Canada Inc. purchased a new stake in shares of Oceanagold during the second quarter worth about $584,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of Oceanagold during the second quarter worth about $603,000.

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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