Cormark Has Pessimistic Outlook of OceanaGold Q3 Earnings

OceanaGold Co. (TSE:OGC) – Equities researchers at Cormark reduced their Q3 2024 EPS estimates for OceanaGold in a research report issued on Wednesday, October 23rd. Cormark analyst R. Gray now forecasts that the company will post earnings of $0.14 per share for the quarter, down from their prior forecast of $0.16. The consensus estimate for OceanaGold’s current full-year earnings is $0.63 per share.

Other research analysts have also recently issued reports about the stock. National Bankshares cut their price target on shares of OceanaGold from C$6.00 to C$5.50 and set an “outperform” rating for the company in a report on Wednesday. Canaccord Genuity Group increased their target price on OceanaGold from C$4.50 to C$5.50 and gave the stock a “strong-buy” rating in a research note on Tuesday, July 23rd. Scotiabank lifted their price target on OceanaGold from C$4.25 to C$4.75 in a research note on Monday, August 19th. CIBC increased their price objective on OceanaGold from C$5.00 to C$5.25 in a research report on Wednesday, July 10th. Finally, Royal Bank of Canada boosted their target price on shares of OceanaGold from C$5.00 to C$5.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of C$4.88.

OceanaGold Stock Performance

Shares of OceanaGold stock opened at C$4.06 on Friday. The company has a market cap of C$2.89 billion, a P/E ratio of 406.00 and a beta of 1.62. The firm has a fifty day moving average of C$3.75 and a two-hundred day moving average of C$3.43. OceanaGold has a one year low of C$2.08 and a one year high of C$4.41.

OceanaGold (TSE:OGC) last posted its quarterly earnings data on Tuesday, July 30th. The company reported C$0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of C$0.05. OceanaGold had a return on equity of 0.24% and a net margin of 0.10%. The company had revenue of C$343.70 million during the quarter.

OceanaGold Increases Dividend

The company also recently declared a Semi-Annual dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, August 29th were paid a dividend of $0.014 per share. The ex-dividend date was Thursday, August 29th. This is an increase from OceanaGold’s previous Semi-Annual dividend of $0.01. OceanaGold’s payout ratio is 300.00%.

OceanaGold Company Profile

OceanaGold Corporation, a gold and copper producer, engages in exploration, development, and operation of mineral properties in the United States, the Philippines, and New Zealand. It explores for gold, copper, and silver deposits. OceanaGold Corporation was founded in 2003 and is based in Vancouver, Canada.