Oceanagold (NYSE:OGC) Stock Bumped Down to Strong Sell by Zacks Research

Zacks Research cut shares of Oceanagold (NYSE:OGC) from a hold rating to a strong sell rating in a research note released on Monday,Zacks reports.

OGC has been the subject of several other reports. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Oceanagold in a report on Friday, October 16th. Wall Street Zen cut shares of Oceanagold from a “buy” rating to a “hold” rating in a report on Saturday, October 17th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Oceanagold in a research report on Friday, September 4th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Oceanagold has an average rating of “Buy”.

Oceanagold Stock Down 3.0%

OGC opened at $23.62 on Monday. The business’s fifty day moving average price is $27.72. The stock has a market cap of $5.21 billion and a P/E ratio of 11.87. Oceanagold has a 52 week low of $20.18 and a 52 week high of $43.33. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.63 and a quick ratio of 1.24.

Oceanagold (NYSE:OGC) last issued its earnings results on Wednesday, August 5th. The company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. Oceanagold had a return on equity of 36.44% and a net margin of 35.14%. The business had revenue of $647.30 million during the quarter. Equities analysts anticipate that Oceanagold will post 4.07 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in OGC. Bank of New York Mellon Corp purchased a new position in Oceanagold in the second quarter valued at about $1,701,000. Public Employees Retirement System of Ohio purchased a new stake in Oceanagold during the 2nd quarter worth approximately $14,465,000. The Manufacturers Life Insurance Company acquired a new position in shares of Oceanagold in the 2nd quarter valued at $15,332,000. Groupe la Francaise acquired a new position in shares of Oceanagold in the second quarter valued at about $19,560,000. Finally, U S Global Investors Inc. acquired a new position in shares of Oceanagold in the third quarter valued at about $1,377,000.

Oceanagold Company Profile

OceanaGold Corporation is a Canadian precious-metals mining company headquartered in Vancouver, British Columbia. The company explores, develops and operates mines that produce gold and, in some operations, copper concentrates.

OceanaGold’s principal assets have included the Haile Gold Mine in South Carolina, the Didipio gold-copper mine in the Philippines, and gold operations in New Zealand, including the Waihi and Macraes mines. Its operations and projects have given the company a presence across North America, Asia and Oceania.

Founded in 2003, OceanaGold has grown through the development and acquisition of producing mines and mineral projects.