OceanaGold Co. (TSE:OGC) has achieved a significant milestone, with its stock price climbing to a new 52-week high of C$41.35 on Monday. The shares, which last traded at C$40.44, demonstrated strong market activity with a volume of 95,436 shares exchanged. This marks an increase from the previous closing price of C$39.08.
Analysts Raise Price Targets
Several financial research firms have recently updated their assessments of OceanaGold. On October 2, 2023, Canaccord Genuity Group increased its price objective for the company from C$25.00 to C$36.00. Following that, Desjardins set an ambitious price target of C$50.00, recommending a “buy” rating in a research note dated November 28, 2023.
CIBC also raised its target for OceanaGold from C$30.00 to C$50.00 in a report released on October 10, 2023. Jefferies Financial Group followed suit by boosting its target price from C$43.00 to C$45.00 on December 8, 2023. Moreover, TD Securities upgraded the stock from a “hold” to a “buy” rating, increasing their target price from C$22.00 to C$30.00 on September 8, 2023. Currently, one investment analyst has given the stock a Strong Buy rating, while four others have rated it as a Buy.
According to MarketBeat, the average rating for OceanaGold stands at “Buy,” with a consensus target price of C$34.08.
Recent Financial Performance
OceanaGold released its quarterly earnings data on November 5, 2023, revealing a profit of C$0.40 earnings per share for the quarter. The company reported revenue of C$624.50 million during this period, indicating strong operational performance. With a net margin of 5.86% and a return on equity of 3.82%, analysts anticipate that OceanaGold will achieve earnings per share of approximately 0.63 for the current financial year.
OceanaGold is recognized as an intermediate gold and copper producer, committed to maximizing free cash flow generation while ensuring safe and responsible operations. The company operates four mines: the Haile Gold Mine in the United States, the Didipio Mine in the Philippines, and the Macraes and Waihi operations in New Zealand.
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