OceanaGold (TSE:OGC) Price Target Raised to C$56.00 at TD

Key Points

• TD raised its price target on OceanaGold to C$56.00 (from C$55.00) and the stock carries a consensus "Buy" rating with a consensus target of C$56.11, while several other banks (notably RBC) also raised targets.
• The company’s Board authorized a $350 million share repurchase program (up to 2.9% of outstanding stock), signaling management believes the shares may be undervalued.
• Shares traded at C$46.15 (down ~1%) with a market cap of C$10.39B; last quarter EPS was C$1.21 with a net margin of 33.3%, and analysts forecast about 0.63 EPS for the fiscal year.

OceanaGold (TSE:OGC - Get Free Report) had its price target increased by analysts at TD from C$55.00 to C$56.00 in a report issued on Tuesday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the stock. TD's price objective suggests a potential upside of 21.34% from the company's current price.

A number of other equities research analysts also recently commented on OGC. Royal Bank Of Canada raised their target price on OceanaGold from C$52.00 to C$78.00 in a report on Thursday, March 12th. Desjardins raised their target price on OceanaGold from C$63.00 to C$65.00 and gave the company a "buy" rating in a report on Friday, February 20th. Scotiabank raised their target price on OceanaGold from C$44.00 to C$65.00 in a report on Monday, January 26th. Canadian Imperial Bank of Commerce raised their target price on OceanaGold from C$66.00 to C$72.00 in a report on Thursday, February 26th. Finally, Jefferies Financial Group raised their target price on OceanaGold from C$45.00 to C$53.00 in a report on Monday, January 19th. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of C$56.11.

OceanaGold Stock Down 1.0%

Shares of TSE OGC traded down C$0.46 during mid-day trading on Tuesday, hitting C$46.15. 270,366 shares of the company were exchanged, compared to its average volume of 876,989. The stock has a 50 day simple moving average of C$48.60 and a 200-day simple moving average of C$41.80. OceanaGold has a 1-year low of C$13.86 and a 1-year high of C$59.20. The firm has a market cap of C$10.39 billion, a price-to-earnings ratio of 17.16 and a beta of 2.46.

OceanaGold (TSE:OGC - Get Free Report) last released its earnings results on Wednesday, February 18th. The company reported C$1.21 EPS for the quarter. OceanaGold had a return on equity of 30.82% and a net margin of 33.30%.The company had revenue of C$870.81 million during the quarter. Analysts anticipate that OceanaGold will post 0.6283048 earnings per share for the current fiscal year.

OceanaGold declared that its Board of Directors has authorized a share repurchase plan on Wednesday, February 18th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

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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