Oceanagold (NYSE:OGC) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Oceanagold (NYSE:OGC) from a strong-buy rating to a buy rating in a research note published on Saturday.

Other analysts also recently issued reports about the company. Zacks Research downgraded Oceanagold from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 7th. Scotiabank upgraded shares of Oceanagold to a “strong-buy” rating in a report on Thursday, May 14th. Weiss Ratings downgraded shares of Oceanagold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Finally, Jefferies Financial Group upgraded shares of Oceanagold to a “strong-buy” rating in a report on Tuesday, June 9th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Oceanagold has a consensus rating of “Buy”.

Oceanagold Stock Up 0.7%

Shares of NYSE OGC opened at $31.22 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.24 and a debt-to-equity ratio of 0.01. The firm’s fifty day moving average price is $25.92. The company has a market cap of $6.94 billion and a price-to-earnings ratio of 15.69. Oceanagold has a twelve month low of $16.85 and a twelve month high of $43.33.

Oceanagold (NYSE:OGC) last issued its earnings results on Wednesday, August 5th. The company reported $0.98 earnings per share for the quarter, topping the consensus estimate 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. On average, research analysts expect that Oceanagold will post 4.16 earnings per share for the current year.

Oceanagold Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Wednesday, August 19th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 19th. Oceanagold’s dividend payout ratio is presently 18.09%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new stake in Oceanagold during the second quarter valued at approximately $14,465,000. Bank of New York Mellon Corp acquired a new stake in Oceanagold in the second quarter valued at approximately $1,701,000. TD Waterhouse Canada Inc. purchased a new position in Oceanagold in the second quarter worth $584,000. Finally, Nykredit A S purchased a new position in Oceanagold in the second quarter worth $125,000.

About Oceanagold

OceanaGold Corporation is a gold and copper mining company that explores for, develops, and operates precious metals projects. The company’s portfolio includes producing mines and development assets, with a focus on the extraction and processing of gold and copper from its owned and operated operations.

Founded in 1989, OceanaGold has built a business centered on long-life mineral assets and responsible mining practices. Its operations have historically been located in the Asia-Pacific region, including New Zealand, the Philippines, and the United States, giving it exposure to several established mining jurisdictions.

The company is headquartered in Vancouver, Canada.