Could OceanaGold Corporation Increase Even More? The Stock Just Had a Gap Up

 Could OceanaGold Corporation Increase Even More? The Stock Just Had a Gap Up

The stock of OceanaGold Corporation (TSE:OGC) gapped up by $0.03 today and has $5.56 target or 39.00% above today’s $4.00 share price. The 7 months technical chart setup indicates low risk for the $2.51 billion company. The gap was reported on Nov, 21 by Barchart.com. If the $5.56 price target is reached, the company will be worth $978.90M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 1.47M shares traded hands. OceanaGold Corporation (TSE:OGC) has declined 4.23% since April 15, 2016 and is downtrending. It has underperformed by 8.09% the S&P500.

OceanaGold Corporation (TSE:OGC) Ratings Coverage

Out of 8 analysts covering Oceanagold Corporation (TSE:OGC), 3 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 38% are positive. $6.50 is the highest target while $2 is the lowest. The $4.69 average target is 17.25% above today’s ($4) stock price. Oceanagold Corporation has been the topic of 27 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The rating was maintained by BMO Capital Markets with “Underperform” on Tuesday, September 1. The rating was maintained by Scotia Capital on Friday, July 29 with “Sector Perform”. As per Friday, November 27, the company rating was maintained by RBC Capital Markets. On Friday, July 8 the stock rating was initiated by Barclays Capital with “Equal-Weight”. The stock has “Sector Perform” rating given by National Bank Canada on Friday, February 19. Scotia Capital upgraded it to “Outperform” rating and $6.50 target price in Wednesday, September 21 report. Scotia Capital maintained the shares of OGC in a report on Tuesday, September 1 with “Sector Perform” rating. The stock of OceanaGold Corporation (TSE:OGC) earned “Hold” rating by Haywood Securities on Friday, February 19. The firm has “Outperform” rating by RBC Capital Markets given on Friday, October 28. The firm earned “Outperform” rating on Friday, October 28 by Scotia Capital.

More recent OceanaGold Corporation (TSE:OGC) news were published by: Marketwired.com which released: “NuLegacy Gold Closes $6.67 Million Strategic Investment by OceanaGold Corporation” on April 13, 2016. Also Marketwired.com published the news titled: “NuLegacy Gold Announces $6.67 Million Strategic Investment by OceanaGold …” on April 07, 2016. Fool.ca‘s news article titled: “OceanaGold Corporation Dominates Wall Street Expectations” with publication date: May 02, 2016 was also an interesting one.

OceanaGold Corporation is an Australia gold mining and exploration company. The company has a market cap of $2.51 billion. The Firm is engaged in the production of gold. It has a 15.78 P/E ratio. The Firm operates through three divisions: New Zealand, the Philippines and the USA.

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