Canadian Imperial Bank of Commerce Issues Positive Forecast for OceanaGold (TSE:OGC) Stock Price

OceanaGold (TSE:OGC) had its price objective hoisted by Canadian Imperial Bank of Commerce from C$66.00 to C$72.00 in a note issued to investors on Thursday,BayStreet.CA reports. Canadian Imperial Bank of Commerce’s target price would suggest a potential upside of 25.63% from the stock’s current price.

Other analysts also recently issued reports about the company. Jefferies Financial Group lifted their price objective on OceanaGold from C$45.00 to C$53.00 in a report on Monday, January 19th. TD Securities raised their target price on shares of OceanaGold from C$38.00 to C$56.00 in a research report on Thursday, January 22nd. Desjardins upped their price target on shares of OceanaGold from C$63.00 to C$65.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Finally, Scotiabank increased their price objective on shares of OceanaGold from C$44.00 to C$65.00 in a research note on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. According to MarketBeat, OceanaGold currently has a consensus rating of “Buy” and a consensus target price of C$50.63.

OceanaGold Trading Down 1.6%

Shares of OceanaGold stock traded down C$0.91 on Thursday, hitting C$57.31. 676,095 shares of the company traded hands, compared to its average volume of 729,187. The company has a market cap of C$13.09 billion, a PE ratio of 33.51 and a beta of 1.94. The stock’s 50 day moving average price is C$46.27 and its 200-day moving average price is C$36.13. OceanaGold has a 52 week low of C$10.86 and a 52 week high of C$58.36.

OceanaGold (TSE:OGC) last announced its quarterly earnings data on Wednesday, February 18th. The company reported C$1.21 earnings per share (EPS) for the quarter. The company had revenue of C$870.81 million for the quarter. OceanaGold had a return on equity of 3.82% and a net margin of 5.86%. As a group, research analysts anticipate that OceanaGold will post 0.6283048 EPS for the current fiscal year.

OceanaGold declared that its Board of Directors has authorized a stock buyback program on Wednesday, February 18th that allows the company to buyback $350.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.