Oceanagold (NYSE:OGC) Stock Gets Downgrade from Zacks Research

Oceanagold (NYSE:OGC) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday, Zacks reports.

Several other research firms have also weighed in on OGC. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Oceanagold in a research note on Friday, October 16th. Weiss Ratings restated a “buy (b-)” rating on shares of Oceanagold in a report on Friday, September 4th. Finally, Wall Street Zen cut shares of Oceanagold from a “buy” rating to a “hold” rating in a report on Saturday, October 17th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy”.

Oceanagold Price Performance

Shares of OGC opened at $23.62 on Monday. Oceanagold has a 52-week low of $20.18 and a 52-week high of $43.33. The firm has a 50 day simple moving average of $27.72. The company has a current ratio of 1.63, a quick ratio of 1.24 and a debt-to-equity ratio of 0.01.

Oceanagold (NYSE:OGC) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.93 by $0.05. The company had revenue of $647.30 million during the quarter. Oceanagold had a net margin of 35.14% and a return on equity of 36.44%. As a group, research analysts forecast that Oceanagold will post 4.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Oceanagold

A number of large investors have recently modified their holdings of the company. Accordant Advisory Group Inc grew its position in Oceanagold by 1.5% in the 3rd quarter. Accordant Advisory Group Inc now owns 113,518 shares of the company’s stock valued at $3,125,000 after purchasing an additional 1,655 shares during the period. Profund Advisors LLC acquired a new position in Oceanagold during the third quarter worth $486,000. State of Wyoming raised its holdings in Oceanagold by 240.5% during the third quarter. State of Wyoming now owns 16,200 shares of the company’s stock worth $450,000 after buying an additional 11,442 shares during the last quarter. U S Global Investors Inc. acquired a new position in Oceanagold during the third quarter worth $1,377,000. Finally, Vontobel Holding Ltd. bought a new position in shares of Oceanagold in the third quarter valued at $311,000.

Oceanagold Company Profile

OceanaGold Corporation is a Canadian precious-metals mining company headquartered in Vancouver, British Columbia. The company explores, develops and operates mines that produce gold and, in some operations, copper concentrates.

OceanaGold’s principal assets have included the Haile Gold Mine in South Carolina, the Didipio gold-copper mine in the Philippines, and gold operations in New Zealand, including the Waihi and Macraes mines. Its operations and projects have given the company a presence across North America, Asia and Oceania.

Founded in 2003, OceanaGold has grown through the development and acquisition of producing mines and mineral projects.