Public Employees Retirement System of Ohio Buys Shares of 577,296 Oceanagold Corp. $OGC

Key Points

• Public Employees Retirement System of Ohio initiated a position of 577,296 OceanaGold shares worth approximately $14.5 million, representing about 0.26% of the company. Bank of New York Mellon also acquired a new stake valued at roughly $1.7 million.
• OceanaGold reported quarterly EPS of $0.98, beating analysts’ $0.93 estimate, on revenue of $647.3 million; the company posted a 35.14% net margin and 36.44% return on equity.
• The company declared a quarterly dividend of $0.09 per share, equivalent to $0.36 annually and a 1.2% yield. Analyst sentiment remains generally positive, with an average “Buy” rating despite mixed recent upgrades and downgrades.

Public Employees Retirement System of Ohio bought a new position in Oceanagold Corp. (NYSE:OGC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 577,296 shares of the company's stock, valued at approximately $14,465,000. Public Employees Retirement System of Ohio owned about 0.26% of Oceanagold at the end of the most recent quarter.

Separately, Bank of New York Mellon Corp acquired a new position in shares of Oceanagold during the second quarter worth approximately $1,701,000.

Oceanagold Price Performance

Shares of OGC opened at $29.96 on Monday. The stock has a 50-day moving average price of $26.21. The firm has a market capitalization of $6.66 billion and a PE ratio of 15.06. 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 Corp. has a one year low of $17.75 and a one year high of $43.33.

Oceanagold (NYSE:OGC - Get Free Report) last released its quarterly 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 net margin of 35.14% and a return on equity of 36.44%. The business had revenue of $647.30 million for the quarter. Analysts anticipate that Oceanagold Corp. will post 4.16 earnings per share for the current year.

Oceanagold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 19th. Oceanagold's payout ratio is 18.09%.

Analyst Upgrades and Downgrades

Several analysts recently commented on OGC shares. Jefferies Financial Group upgraded Oceanagold to a "strong-buy" rating in a research report on Tuesday, June 9th. Weiss Ratings lowered Oceanagold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, June 8th. Wall Street Zen cut Oceanagold from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 22nd. Scotiabank raised Oceanagold to a "strong-buy" rating in a report on Thursday, May 14th. Finally, Zacks Research cut shares of Oceanagold from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Oceanagold presently has an average rating of "Buy".

Oceanagold Company Profile

OceanaGold Corporation is a gold and copper mining company that explores for, develops, and operates precious metals projects. The company's portfolio includes producing mines and development assets, with a focus on the extraction and processing of gold and copper from its owned and operated operations.

Founded in 1989, OceanaGold has built a business centered on long-life mineral assets and responsible mining practices. Its operations have historically been located in the Asia-Pacific region, including New Zealand, the Philippines, and the United States, giving it exposure to several established mining jurisdictions.

The company is headquartered in Vancouver, Canada.

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