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OceanaGold
(TSX:OGC)
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Rating:78Outperform
Price Target:
C$40.00
▼(-6.13% Downside)
Action:Reiterated
Date:10/27/26
The score is driven primarily by strong financial performance (high profitability, improving cash generation, and a very low-debt balance sheet). Valuation is supportive with a low P/E, while the latest earnings call was broadly positive despite cost pressures (AISC near the high end of guidance). The main drag is weak technical momentum, with the stock trading below key moving averages and negative MACD.
Positive Factors
Revenue and profitability growth
Strong revenue growth and a roughly 35% trailing net margin indicate meaningful operating leverage and a substantial improvement from earlier losses. If production execution remains sound, this stronger earnings base can support reinvestment, shareholder returns, and continued balance-sheet strengthening over the next several quarters.
Negative Factors
Sustaining-cost pressure
Higher labor, maintenance, and fuel costs can compress margins even when gold production is strong. AISC near the upper end of guidance also reduces the cash-flow benefit of elevated realized metal prices and makes future earnings more sensitive to further cost inflation across operating sites.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profitability growth
Strong revenue growth and a roughly 35% trailing net margin indicate meaningful operating leverage and a substantial improvement from earlier losses. If production execution remains sound, this stronger earnings base can support reinvestment, shareholder returns, and continued balance-sheet strengthening over the next several quarters.
Read all positive factors
OceanaGold (OGC) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$8.09B
Dividend Yield1.14%
Average Volume (3M)794.00K
Price to Earnings (P/E)7.2
Beta (1Y)2.28
Revenue Growth55.87%
EPS Growth135.78%
CountryCA
Employees5,400
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)3.58
Shares Outstanding222,447,530
10 Day Avg. Volume618,314
30 Day Avg. Volume794,000
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)2.89
Price to Sales (P/S)3.40
P/FCF Ratio11.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$57.25Price Target Upside34.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)3.92
Revenue Forecast (FY)C$2.78B
OceanaGold Business Overview & Revenue Model
Company Description
OceanaGold Corporation is a mining company primarily engaged in gold production, overseeing the full lifecycle of mineral properties from initial exploration and development through to active operation. The firm seeks out deposits rich in gold, co...
How the Company Makes Money
OceanaGold primarily makes money by producing and selling gold (and, where applicable, by-product metals such as silver and/or copper) from its mining operations. Revenue is recognized from metal sales based on delivered quantities and prevailing ...
OceanaGold Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call was strongly positive overall. OceanaGold reported higher production, record adjusted EBITDA margins, substantial free cash flow, improved financial metrics, a stronger debt-free balance sheet, significant shareholder returns, and progress across its growth and exploration projects. The main challenges were that full-year all-in sustaining costs were expected near the upper end of guidance due to labor inflation, diesel exposure and lower silver credits, along with a second-half production step-down at Macraes and planned Haile shutdowns.Positive Updates
Gold Production Increased and Guidance Maintained
Second-quarter gold production was around 139 thousand ounces, 7% higher than in the first quarter, while copper production was 2.7 thousand tons. Production was in line with plan, keeping the company on track to deliver its full-year 2026 guidance.
Negative Updates
Full-Year AISC Expected Near Upper End of Guidance
Full-year all-in sustaining costs were anticipated to be near the upper end of the 2026 guidance range. Management attributed this to labor cost inflation, increased investment in maintenance and reliability improvements, high diesel prices while unhedged, and lower silver byproduct credits due to a lower silver price than expected.
Read all updates
Q2-2026 Updates
Positive
Negative
Gold Production Increased and Guidance Maintained
Second-quarter gold production was around 139 thousand ounces, 7% higher than in the first quarter, while copper production was 2.7 thousand tons. Production was in line with plan, keeping the company on track to deliver its full-year 2026 guidance.
Read all positive updates
Company Guidance
OceanaGold expects third quarter gold production to be similar to the second quarter, fourth quarter gold production to be the highest of the year, stronger copper production in the second half that will achieve copper production guidance, and total capital expenditure to be in line with guidance; all in sustaining costs for the year is anticipated to near the upper end of the 2026 guidance range, while higher gold production and a lower rate of sustaining capital are expected to drive all in sustaining costs lower in the third quarter and again in the fourth. Haile production is expected to increase in the third quarter and then again in the fourth quarter, with all in sustaining cost expected to decrease each quarter; Macraes production is expected to step down in the second half, with full year production and cost still expected to be within the guidance; Waihi is on track to deliver its full year production guidance, with all in sustaining cost expected to decrease in the second half; and Didipio production is expected to increase in the second half, with all in sustaining cost expected to decrease. Growth capital is expected to continue to increase in the second half, production at Palomino is planned to begin in 2028, and if oil prices of around $100 per barrel prevail for the remainder of 2026, the company estimates an AISC impact of around $25 per ounce.OceanaGold Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.46B | 1.93B | 1.29B | 1.03B | 967.40M | 744.70M |
| Gross Profit | 1.33B | 896.83M | 693.50M | 527.50M | 461.00M | 420.50M |
| EBITDA | 1.58B | 1.19B | 603.70M | 436.90M | 389.70M | 171.10M |
| Net Income | 866.79M | 639.71M | 187.40M | 83.10M | 132.60M | -3.70M |
Balance Sheet | ||||||
| Total Assets | 3.60B | 3.42B | 2.61B | 2.55B | 2.38B | 2.31B |
| Cash, Cash Equivalents and Short-Term Investments | 654.80M | 475.63M | 193.38M | 61.70M | 84.02M | 131.75M |
| Total Debt | 50.10M | 80.15M | 71.56M | 230.13M | 255.89M | 367.41M |
| Total Liabilities | 963.50M | 1.06B | 681.59M | 829.19M | 688.59M | 774.35M |
| Stockholders Equity | 2.54B | 2.26B | 1.82B | 1.72B | 1.69B | 1.53B |
Cash Flow | ||||||
| Free Cash Flow | 739.16M | 550.88M | 213.70M | 34.30M | 87.00M | -63.30M |
| Operating Cash Flow | 1.28B | 1.00B | 593.90M | 384.20M | 368.70M | 261.40M |
| Investing Cash Flow | -541.11M | -449.23M | -348.70M | -341.80M | -280.80M | -315.80M |
| Financing Cash Flow | -378.49M | -259.57M | -120.50M | -57.80M | -130.20M | 25.10M |
OceanaGold Technical Analysis
Negative
42.61
Price Trends
39.64
Negative
37.68
Negative
41.92
Negative
Market Momentum
-1.03
Positive
44.01
Neutral
22.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:OGC, the sentiment is Negative. The current price of 42.61 is above the 20-day moving average (MA) of 37.54, above the 50-day MA of 39.64, and above the 200-day MA of 41.92, indicating a bearish trend. The MACD of -1.03 indicates Positive momentum. The RSI at 44.01 is Neutral, neither overbought nor oversold. The STOCH value of 22.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:OGC.
OceanaGold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$8.09B | 7.24 | 37.64% | 1.14% | 55.87% | 135.78% | |
76 Outperform | C$12.55B | 11.99 | 12.38% | 0.65% | 27.53% | 41.90% | |
75 Outperform | C$8.77B | 15.66 | 51.31% | 0.13% | 411.07% | 541.04% | |
69 Neutral | C$9.22B | 8.51 | 21.87% | 1.59% | 72.47% | ― | |
67 Neutral | C$8.92B | 22.42 | 21.84% | 0.70% | 67.65% | 254.59% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:OGC
OceanaGold
36.39
6.08
20.06%
TSE:ELD
Eldorado Gold
48.24
13.40
38.44%
TSE:BTO
B2Gold
6.98
0.43
6.58%
TSE:OR
OR Royalties
47.87
3.66
8.29%
TSE:ARTG
Artemis Gold
37.59
5.20
16.07%
OceanaGold Corporate Events
Business Operations and Strategy
OceanaGold Flags Exceptional Wharekirauponga Grades and Waihi Expansion Plans
Positive
Sep 24, 2026
OceanaGold reported exceptional high-grade drill results from 16 new holes at the Wharekirauponga project, about 10 kilometres north of its Waihi Operation in New Zealand, highlighting strong grades and continuity in the East Graben vein system. M...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
OceanaGold CEO Gerard Bond to Retire in 2027 as Board Starts Global Successor Search
Positive
Sep 23, 2026
OceanaGold said President and CEO Gerard Bond will retire in April 2027 after five years at the helm, during which the miner reported sustained improvements in operational and financial performance, culture and shareholder returns. Bond will remai...
Business Operations and StrategyRegulatory Filings and Compliance
OceanaGold Moves to Extend Macraes Mine Life into Late 2030s
Positive
Sep 9, 2026
OceanaGold has submitted a permit application under New Zealand’s new Fast‑track Approvals Act for its Macraes Phase 4 project, aiming to extend the flagship mine’s life from the current reserve horizon of 2032 into the late 2030...
Business Operations and StrategyM&A Transactions
OceanaGold to Acquire Ausgold in A$776 Million Deal for Katanning Project
Positive
Aug 17, 2026
OceanaGold has agreed to acquire all shares of Ausgold Limited, owner of the Katanning Gold Project in Western Australia, through a court-approved scheme of arrangement valued at about A$776 million. Ausgold shareholders will receive OceanaGold sh...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.