Wall Street Zen Downgrades Oceanagold (NYSE:OGC) to Hold

Key Points

• Wall Street Zen downgraded OceanaGold from “Buy” to “Hold”, although the broader analyst consensus remains “Buy,” with two analysts assigning “Strong Buy” ratings.
• OceanaGold reported quarterly EPS of $0.98, exceeding the $0.93 consensus estimate, on revenue of $647.3 million; analysts expect full-year EPS of approximately $4.17.
• Institutional investors showed increased interest, with Allianz Asset Management and several other firms establishing new positions during the second quarter.

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

Several other brokerages also recently issued reports on OGC. Weiss Ratings reissued a "buy (b-)" rating on shares of Oceanagold in a research 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 raised shares of Oceanagold from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy".

Oceanagold Stock Down 0.5%

OGC opened at $28.74 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.24 and a current ratio of 1.63. Oceanagold has a 12 month low of $19.43 and a 12 month high of $43.33. The company has a fifty day moving average price of $27.55. The company has a market cap of $6.37 billion and a PE ratio of 14.44.

Oceanagold (NYSE:OGC - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.98 earnings per share (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 during the quarter. On average, equities research analysts expect that Oceanagold will post 4.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Allianz Asset Management GmbH acquired a new stake in shares of Oceanagold in the second quarter valued at about $63,741,000. Groupe la Francaise acquired a new position in Oceanagold during the second quarter valued at approximately $19,560,000. The Manufacturers Life Insurance Company acquired a new position in Oceanagold during the second quarter valued at approximately $15,332,000. Public Employees Retirement System of Ohio bought a new position in Oceanagold in the second quarter valued at approximately $14,465,000. Finally, Bank of New York Mellon Corp bought a new position in Oceanagold in the second quarter valued at approximately $1,701,000.

Oceanagold Company Profile

OceanaGold Corporation is a mid-tier gold producer headquartered in Vancouver, Canada. The company explores for, develops and operates gold and copper-gold properties, with operations spanning North America, the Asia-Pacific region and Oceania. Its products primarily include gold, with silver and copper produced as byproducts at certain operations.

OceanaGold's operating portfolio includes the Haile Gold Mine in South Carolina, the Didipio gold-copper mine in the Philippines, and the Macraes and Waihi operations in New Zealand.

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