Ninety One UK Ltd Makes New Investment in Oceanagold Corp. $OGC

Key Points

• Ninety One UK Ltd acquired 2.29 million Oceanagold shares worth approximately $63.3 million, giving it a 1.04% stake. Several other institutional investors also initiated positions.
• Analyst sentiment is broadly positive: Oceanagold has an average “Buy” rating, including two “Strong Buy” ratings, one “Buy” and one “Hold.”
• Oceanagold reported quarterly EPS of $0.98, exceeding estimates of $0.93, alongside $647.3 million in revenue. The company also pays a quarterly dividend of C$0.09, representing a 1.4% annualized yield.

Ninety One UK Ltd acquired a new stake in shares of Oceanagold Corp. (NYSE:OGC - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,292,763 shares of the company's stock, valued at approximately $63,288,000. Ninety One UK Ltd owned 1.04% of Oceanagold at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of OGC. The Manufacturers Life Insurance Company bought a new position in shares of Oceanagold in the 2nd quarter worth about $15,332,000. Sequoia Financial Advisors LLC bought a new stake in Oceanagold during the second quarter worth about $603,000. Tidal Investments LLC bought a new stake in Oceanagold during the second quarter worth about $355,000. Engineers Gate Manager LP purchased a new stake in Oceanagold in the second quarter worth about $337,000. Finally, Nykredit A S purchased a new stake in Oceanagold in the second quarter worth about $125,000.

Analyst Upgrades and Downgrades

OGC has been the subject of several recent research reports. Weiss Ratings reiterated 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, Wall Street Zen upgraded Oceanagold from a "hold" rating to a "buy" rating in a research note on Saturday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy".

Oceanagold Stock Performance

Shares of OGC traded up $0.95 during trading hours on Thursday, hitting $26.44. The company had a trading volume of 135,739 shares, compared to its average volume of 314,729. The company's fifty day moving average is $28.73. 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 has a market capitalization of $5.86 billion and a PE ratio of 13.27. Oceanagold Corp. has a 52-week low of $20.18 and a 52-week high of $43.33.

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

Oceanagold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Wednesday, August 19th were issued a C$0.09 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.36 annualized dividend and a yield of 1.4%. Oceanagold's payout ratio is 18.09%.

Oceanagold Profile

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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