OceanaGold Co. (TSE: OGC) reached a new 52-week high on November 5, 2023, with its stock price hitting C$41.35 during trading sessions. The stock closed at C$40.44 after trading 95,436 shares, marking a notable increase from its previous close of C$39.08. This surge has prompted analysts to reassess their price targets for the company.
Several research firms have issued new projections for OceanaGold’s stock. On October 2, Canaccord Genuity Group raised its price objective from C$25.00 to C$36.00. Following this, Desjardins set an ambitious target of C$50.00, maintaining a “buy” rating on the stock in a research note dated November 28. CIBC also adjusted its price target, increasing it from C$30.00 to C$50.00 on October 10. Additionally, Jefferies Financial Group raised its target price from C$43.00 to C$45.00 on December 8. TD Securities upgraded OceanaGold from a “hold” rating to a “buy” and also increased its price target from C$22.00 to C$30.00 on September 8.
The general sentiment among analysts is positive, with one rating the stock as a Strong Buy and four others assigning it a Buy rating. According to MarketBeat, the average rating for OceanaGold stands at “Buy,” with a consensus target price of C$34.08.
Recent Financial Performance
OceanaGold published its quarterly earnings data on November 5, reporting earnings per share of C$0.40 for the quarter. The company generated revenues of C$624.50 million during this period. OceanaGold’s net margin was recorded at 5.86%, and it achieved a return on equity of 3.82%. Analysts anticipate that OceanaGold will post earnings per share of approximately 0.63 for the current year.
OceanaGold is an intermediate gold and copper producer with a commitment to safe and responsible operations aimed at maximizing free cash flow and delivering significant returns to shareholders. 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.
With analysts’ positive outlook and its recent stock performance, investors may find OceanaGold an attractive option in the current market landscape.
