Scotiabank Forecasts Strong Price Appreciation for OceanaGold (TSE:OGC) Stock

OceanaGold (TSE:OGC) had its target price boosted by equities researchers at Scotiabank from C$6.50 to C$20.50 in a research note issued on Tuesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 5.78% from the company’s current price.

A number of other analysts have also issued reports on the company. TD Securities lowered OceanaGold from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 27th. Raymond James Financial upped their target price on OceanaGold from C$16.50 to C$19.50 in a research report on Friday, April 4th. Royal Bank Of Canada raised their price target on shares of OceanaGold from C$21.00 to C$24.00 in a research report on Tuesday, June 3rd. Finally, National Bank Financial raised shares of OceanaGold to a “strong-buy” rating in a report on Friday, March 21st. One investment analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of C$18.61.

OceanaGold Trading Down 5.2%

TSE:OGC traded down C$1.07 during trading hours on Tuesday, hitting C$19.38. The stock had a trading volume of 414,087 shares, compared to its average volume of 745,355. The company has a market cap of C$9.63 billion, a PE ratio of 157.16 and a beta of 1.62. The business has a 50 day simple moving average of C$6.12 and a two-hundred day simple moving average of C$4.89. OceanaGold has a 1-year low of C$8.94 and a 1-year high of C$21.21.

Insider Transactions at OceanaGold

In other OceanaGold news, Director Ian Macnevin Reid purchased 8,666 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The shares were purchased at an average cost of C$16.89 per share, with a total value of C$146,368.74. 0.15% of the stock is owned by insiders.

OceanaGold Company Profile

OceanaGold Corporation, a gold and copper producer, engages in exploration, development, and operation of mineral properties in the United States, the Philippines, and New Zealand. It explores for gold, copper, and silver deposits. OceanaGold Corporation was founded in 2003 and is based in Vancouver, Canada.