GMP FirstEnergy Sticks to Its Buy Rating for OceanaGold

By Carrie Williams

OceanaGold (TSX: OGC), the Materials sector company, has received a rating update from a Wall Street analyst yesterday. Analyst Ian Parkinson from GMP FirstEnergy rated OceanaGold (TSX: OGC) a Buy, setting a C$5.40 price target.

Parkinson has an average return of 5.3% when recommending OceanaGold.

According to TipRanks.com, Parkinson is ranked #122 out of 4588 analysts.

Currently, the analyst consensus on OceanaGold is Moderate Buy and the average price target is C$4.97, representing a 20.9% upside.

In a report issued on June 26, Scotiabank also maintained a Buy rating on the stock with a C$5 price target.

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 Tuesday at $4.11.