BMO Capital Sticks to Its Hold Rating for OceanaGold

By Ryan Adsit

The Materials sector company, OceanaGold (TSX: OGC), has received a rating update from a Wall Street analyst yesterday. The company received a Hold rating from BMO Capital’s analyst David Gagliano, with a C$5 price target.

According to TipRanks.com, Gagliano is a 4-star analyst with an average return of 4.2% and a 51.5% success rate. Gagliano covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals Corp, Newmont Mining Corporation, and Stillwater Mining Company.

OceanaGold has an analyst consensus of Strong Buy, with a price target consensus of C$5.16.

Based on OceanaGold’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$214 million and quarterly net profit of C$47.65 million. In comparison, last year the company earned revenue of C$223 million and had a net profit of C$32.33 million.

OceanaGold Corp. operates as a multinational gold producer with a portfolio of operating, development and exploration assets. The company’s assets are located on the South Island of New Zealand and in the northern Philippines. It has built a business in New Zealand, operating three mines-Macraes Open Pit, Frasers Underground and the Reefton Open Pit mines.

The company’s shares closed on Wednesday at $4.08.