OceanaGold (OCANF – Research Report), the Basic Materials sector company, was revisited by a Wall Street analyst today. Analyst Brian Quast from BMO Capital maintained a Buy rating on the stock and has a C$5.75 price target.
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Brian Quast has given his Buy rating due to a combination of factors influencing OceanaGold’s performance and outlook. The company’s recent earnings and production results were in line with expectations, achieving the mid-point of its 2024 guidance, which reflects operational stability. Additionally, the company’s total mineral reserves increased significantly by 27% to 6.2 million ounces of gold, showing potential for future growth.
Despite a more conservative mid-term guidance with slightly lower gold production and higher all-in sustaining costs (AISC), the company maintains strong production levels and cost management. OceanaGold is also set to enhance its resource base, supported by a robust exploration budget, the highest in five years. The potential for operational improvements and resource expansion, particularly through projects like Waihi North, contributes to the positive outlook and supports the Buy rating.
Quast covers the Basic Materials sector, focusing on stocks such as Eldorado Gold, B2Gold, and Lundin Gold. According to TipRanks, Quast has an average return of 11.2% and a 53.70% success rate on recommended stocks.
In another report released on February 11, National Bank also maintained a Buy rating on the stock with a C$6.00 price target.