InterOil Corp. (IOC) Sees Unusually-High Trading Volume
InterOil Corp. (NYSE:IOC) saw unusually-strong trading volume on Tuesday . Approximately 374,305 shares changed hands during trading, an increase of 12% from the previous session’s volume of 335,188 shares.The stock last traded at $49.13 and had previously closed at $49.16.
A number of analysts have recently issued reports on IOC shares. Zacks Investment Research upgraded shares of InterOil Corp. from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a research note on Tuesday, July 26th. Sanford C. Bernstein lowered shares of InterOil Corp. from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $50.00 to $52.00 in a research note on Monday, August 15th. Raymond James Financial Inc. lowered shares of InterOil Corp. from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 16th. Citigroup Inc. lowered shares of InterOil Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 24th. Finally, Goldman Sachs Group Inc. reiterated a “neutral” rating and set a $50.00 price objective on shares of InterOil Corp. in a research note on Tuesday, August 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $51.95.
The stock has a 50 day moving average price of $49.10 and a 200 day moving average price of $40.77. The company’s market capitalization is $2.45 billion.
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InterOil Corp. (NYSE:IOC) last released its earnings results on Thursday, August 4th. The company reported ($1.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.27) by $0.89. The business earned ($10.70) million during the quarter, compared to the consensus estimate of $1.10 million. The business’s revenue was down 21.3% on a year-over-year basis. Equities research analysts expect that InterOil Corp. will post ($1.63) EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in InterOil Corp. by 1.1% in the first quarter. JPMorgan Chase & Co. now owns 3,106,604 shares of the company’s stock valued at $98,883,000 after buying an additional 34,935 shares during the period. TIG Advisors LLC acquired a new position in InterOil Corp. during the second quarter valued at $37,750,000. Renaissance Technologies LLC acquired a new position in InterOil Corp. during the first quarter valued at $11,773,000. Aspen Investment Management Inc boosted its position in InterOil Corp. by 2.7% in the second quarter. Aspen Investment Management Inc now owns 327,069 shares of the company’s stock valued at $14,718,000 after buying an additional 8,750 shares during the period. Finally, Clovis Capital Management LP boosted its position in InterOil Corp. by 191.1% in the second quarter. Clovis Capital Management LP now owns 307,270 shares of the company’s stock valued at $13,827,000 after buying an additional 201,717 shares during the period. 48.75% of the stock is currently owned by institutional investors.
About InterOil Corp.
InterOil Corporation (InterOil) is an oil and gas business with a sole focus on Papua New Guinea (PNG). The Company’s segments include Upstream and Corporate. The Upstream segment includes exploration, appraisal and development of hydrocarbon structures in PNG. The Corporate segment provides support to the Company’s other business segments through business development and improvement activities, general services, administration, human resources, executive management, financing and treasury, government affairs and investor relations.
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