OceanaGold (TSE:OGC) Hits New 12-Month High - Here's What Happened

Key Points

• OceanaGold shares reached a new 52-week high at C$28.42, reflecting strong market performance with a trading volume of 305,352 shares.
• Significant upgrades from analysts include a price target increase by Royal Bank of Canada from C$28.00 to C$34.00 and a shift in ratings indicating a more favorable outlook for the stock.
• Analysts broadly rate OceanaGold as a "Buy," with an average target price of C$22.79, suggesting potential for further gains.

Shares of OceanaGold Co. (TSE:OGC - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The company traded as high as C$28.42 and last traded at C$28.10, with a volume of 305352 shares traded. The stock had previously closed at C$28.19.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on OGC. Scotiabank increased their price objective on shares of OceanaGold from C$6.50 to C$20.50 and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. Royal Bank Of Canada upped their target price on shares of OceanaGold from C$28.00 to C$34.00 in a report on Wednesday, September 10th. TD Securities upgraded shares of OceanaGold from a "hold" rating to a "buy" rating and upped their target price for the stock from C$22.00 to C$30.00 in a report on Monday, September 8th. Finally, Raymond James Financial upgraded shares of OceanaGold to a "moderate buy" rating in a report on Monday, June 30th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of C$22.79.

OceanaGold Stock Performance

The stock has a market cap of C$6.40 billion, a PE ratio of 17.52 and a beta of 0.99. The company's 50 day simple moving average is C$22.96 and its 200 day simple moving average is C$18.60.

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.