Osisko Development (NYSE:OGG) Upgraded to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Osisko Development from “hold” to “strong buy,” while the broader analyst consensus remains “Buy.”
• Osisko Development shares opened at $2.73, with a 52-week range of $2.18 to $3.25 and a market capitalization of approximately $835 million.
• Institutional ownership stands at 15.16%, with several investors adding or initiating positions, including Principal Financial Group, Arbiter Partners and Vestcor.

Osisko Development (NYSE:OGG - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Thursday, Zacks reports.

OGG has been the subject of a number of other reports. Weiss Ratings upgraded shares of Osisko Development from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, September 1st. Stifel Nicolaus raised Osisko Development to a "strong-buy" rating in a research report on Monday, June 29th. 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's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy".

Osisko Development Stock Performance

NYSE:OGG opened at $2.73 on Thursday. Osisko Development has a 1 year low of $2.18 and a 1 year high of $3.25. The firm's fifty day simple moving average is $2.59 and its 200 day simple moving average is $2.90. The company has a current ratio of 3.58, a quick ratio of 3.53 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $834.94 million and a PE ratio of -22.75.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Arbiter Partners Capital Management LLC bought a new stake in shares of Osisko Development in the second quarter valued at about $5,320,000. Principal Financial Group Inc. increased its stake in Osisko Development by 18.5% during the first quarter. Principal Financial Group Inc. now owns 7,403,436 shares of the company's stock valued at $23,926,000 after acquiring an additional 1,154,800 shares during the period. The Manufacturers Life Insurance Company bought a new position in Osisko Development during the second quarter valued at about $2,518,000. Gabelli Funds LLC bought a new position in Osisko Development during the fourth quarter valued at about $1,396,000. Finally, Vestcor Inc acquired a new position in Osisko Development in the 4th quarter valued at approximately $6,112,000. Institutional investors own 15.16% of the company's stock.

Osisko Development Company Profile

Osisko Development Corp. is a mineral exploration and development company focused primarily on advancing gold projects in North America. The company's activities include exploration, resource evaluation, mine planning, permitting, project development and, where applicable, the operation of mining assets.

Its flagship asset is the Cariboo Gold Project in central British Columbia, Canada, a district-scale gold project that includes the historic Barkerville mining area and the Cow Mountain, Bonanza Ledge and Island Mountain deposits.

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