OceanaGold (TSE:OGC) Price Target Raised to C$78.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target on OceanaGold from C$52.00 to C$78.00, implying roughly a 52.8% upside, while multiple other brokers also lifted targets and MarketBeat shows a consensus "Buy" rating with a C$56.13 consensus target.
• OceanaGold reported strong quarterly results (C$1.21 EPS, 33.3% net margin, 30.82% ROE), trades around C$51.06 with a C$11.49 billion market cap, and its board approved a C$350 million buyback to repurchase up to 2.9% of shares.

OceanaGold (TSE:OGC - Get Free Report) had its price objective lifted by investment analysts at Royal Bank Of Canada from C$52.00 to C$78.00 in a note issued to investors on Thursday,BayStreet.CA reports. Royal Bank Of Canada's target price would indicate a potential upside of 52.76% from the company's previous close.

A number of other brokerages have also recently issued reports on OGC. TD Securities increased their price objective on shares of OceanaGold from C$38.00 to C$56.00 in a research note on Thursday, January 22nd. Desjardins upped their price objective on OceanaGold from C$63.00 to C$65.00 and gave the company a "buy" rating in a research note on Friday, February 20th. Jefferies Financial Group raised their target price on OceanaGold from C$45.00 to C$53.00 in a research report on Monday, January 19th. Canadian Imperial Bank of Commerce raised their price objective on shares of OceanaGold from C$66.00 to C$72.00 in a report on Thursday, February 26th. Finally, Scotiabank lifted their target price on shares of OceanaGold from C$44.00 to C$65.00 in a research note on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of C$56.13.

OceanaGold Stock Up 0.6%

Shares of OGC traded up C$0.29 during midday trading on Thursday, hitting C$51.06. The company had a trading volume of 237,505 shares, compared to its average volume of 782,375. The stock has a market cap of C$11.49 billion, a price-to-earnings ratio of 18.98 and a beta of 2.12. The company's 50 day moving average price is C$49.17 and its 200 day moving average price is C$38.27. OceanaGold has a 52 week low of C$12.00 and a 52 week high of C$59.20.

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 net margin of 33.30% and a return on equity of 30.82%. The business had revenue of C$870.81 million for the quarter. Equities analysts anticipate that OceanaGold will post 0.6283048 EPS for the current fiscal year.

OceanaGold announced that its board has approved a stock buyback plan on Wednesday, February 18th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the company to purchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are 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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