OceanaGold (OGC) Receives a Buy from CIBC

By Austin Angelo

Yesterday, an analyst has provided a rating update for OceanaGold (OGCResearch Report). The company received a Buy rating from CIBC’s analyst Cosmos Chiu, with a C$5.75 price target.

According to TipRanks.com, Chiu is a 4-star analyst with an average return of 5.9% and a 47.5% success rate. Chiu covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals Corp, Osisko Gold Royalties Ltd, and Detour Gold Corporation.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for OceanaGold with a C$5.19 average price target.

Based on OceanaGold’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$28.36 million. In comparison, last year the company had a net profit of C$113 million.

OceanaGold Corp. operates as a multinational gold producer with a portfolio of operating, development and exploration assets. The company’s assets are located in the Philippines, New Zealand and the United States. It holds interest in Haile Gold Mine, Didipio, Macraes, Frasers Underground, Reefton, and Waihi projects.

The company’s shares closed on Monday at C$4.46.