OceanaGold (TSE:OGC) Hits New 52-Week High - Here's What Happened

Key Points

• OceanaGold shares reached a new 52-week high of C$22.68 during trading, reflecting a significant increase from the previous day's closing price of C$19.80.
• Analysts have issued positive ratings for OceanaGold, with Scotiabank setting a target price of C$20.50 and Royal Bank of Canada raising theirs to C$24.00, indicating strong market confidence in the stock.
• The company has a market capitalization of C$10.82 billion and has seen a 10.0% increase in stock value recently, alongside insider buying activity from a director.

OceanaGold Co. (TSE:OGC - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$22.68 and last traded at C$22.40, with a volume of 315219 shares changing hands. The stock had previously closed at C$19.80.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Scotiabank increased their target price on shares of OceanaGold from C$6.50 to C$20.50 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. Royal Bank Of Canada raised their target price on shares of OceanaGold from C$21.00 to C$24.00 in a research note on Tuesday, June 3rd. Finally, Raymond James Financial upgraded OceanaGold to a "moderate buy" rating in a research report on Monday, June 30th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of C$19.92.

OceanaGold Stock Up 10.0%

The company has a fifty day moving average of C$19.48 and a 200 day moving average of C$15.91. The company has a market cap of C$10.82 billion, a P/E ratio of 176.63 and a beta of 1.62.

Insider Activity

In other OceanaGold news, Director Ian Macnevin Reid acquired 8,666 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were bought at an average cost of C$16.89 per share, with a total value of C$146,368.74. Corporate insiders own 0.15% of the company's stock.

OceanaGold Company Profile

OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.

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