CIBC Thinks OceanaGold’s Stock is Going to Recover

By Ryan Adsit

OceanaGold (TSX: OGC), the Materials sector company, has received a rating update from a Wall Street analyst on February 5. CIBC’s analyst Cosmos Chiu reiterates their Buy rating on the shares, with a C$5.25 price target.

According to TipRanks.com, Chiu is a 3-star analyst with an average return of 2.4% and a 43.8% success rate. Chiu covers the Basic Materials sector, focusing on stocks such as Golden Star Resources Ltd, Lake Shore Gold Corp, and Nevsun Resources Ltd.

OceanaGold has an analyst consensus of Moderate Buy, with a price target consensus of C$4.83.

OceanaGold’s market cap is currently C$1.93B and has a P/E ratio of 11.2.

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 C$3.08, close to its 52-week low of C$2.92.