OceanaGold (TSE:OGC) Reaches New 1-Year High - Time to Buy?

Key Points

• OceanaGold's shares reached a new 52-week high of C$23.00, closing at C$22.86 with a trading volume of 1.426 million shares.
• Analysts are bullish on OceanaGold, with Scotiabank and Royal Bank of Canada raising their price targets significantly, reflecting a consensus "Buy" rating and an average price target of C$20.58.
• Insider transactions indicate confidence in the company's future, as Director Ian Macnevin Reid purchased 8,666 shares at an average price of C$16.89 per share.

OceanaGold Co. (TSE:OGC - Get Free Report)'s share price hit a new 52-week high on Wednesday . The stock traded as high as C$23.00 and last traded at C$22.86, with a volume of 1426368 shares changing hands. The stock had previously closed at C$22.66.

Analyst Ratings Changes

A number of analysts have recently commented on OGC shares. Scotiabank boosted their price objective on OceanaGold from C$6.50 to C$20.50 and gave the stock an "outperform" rating in a research note on Tuesday, June 24th. Royal Bank Of Canada lifted their target price on OceanaGold from C$25.00 to C$28.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, Raymond James Financial upgraded OceanaGold to a "moderate buy" rating in a report on Monday, June 30th. One 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 company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of C$20.58.

OceanaGold Trading Up 2.1%

The firm has a market cap of C$11.63 billion, a price-to-earnings ratio of 189.93 and a beta of 1.62. The firm has a 50-day moving average of C$19.95 and a two-hundred day moving average of C$16.31.

About OceanaGold

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.