InterOil Corp. (IOC) Upgraded to Hold at Zacks Investment Research
InterOil Corp. (NYSE:IOC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “InterOil Corporation is engaged in the exploration, appraisal, and development of crude oil and natural gas properties primarily in Papua New Guinea. The Company is also engaged in the distribution of refined products under its branded name InterOil Products Limited; and in the refining and liquefaction of jet fuel, diesel, and gasoline, naphtha and low sulfur waxy residue. InterOil Corporation is based in Cairns, Australia. “
Several other equities analysts have also recently weighed in on the stock. Sanford C. Bernstein cut shares of InterOil Corp. from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $50.00 to $52.00 in a research note on Monday, August 15th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and set a $50.00 price target on shares of InterOil Corp. in a research note on Tuesday, August 2nd. Finally, Raymond James Financial Inc. cut shares of InterOil Corp. from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 16th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. InterOil Corp. presently has an average rating of “Hold” and an average price target of $51.95.
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Shares of InterOil Corp. (NYSE:IOC) traded down 0.04% during trading on Wednesday, hitting $50.55. 300,154 shares of the stock were exchanged. The company’s market cap is $2.53 billion. The firm’s 50-day moving average is $49.60 and its 200 day moving average is $42.55. InterOil Corp. has a 1-year low of $21.18 and a 1-year high of $51.49.
InterOil Corp. (NYSE:IOC) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($1.16) earnings per share for the quarter, missing the consensus estimate of ($0.27) by $0.89. The firm had revenue of ($10.70) million for the quarter, compared to the consensus estimate of $1.10 million. InterOil Corp.’s revenue was down 21.3% compared to the same quarter last year. Equities analysts forecast that InterOil Corp. will post ($1.63) earnings per share for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in the stock. Omni Partners LLP purchased a new position in InterOil Corp. during the second quarter valued at $4,561,000. Sterneck Capital Management LLC purchased a new position in InterOil Corp. during the second quarter valued at $270,000. Legal & General Group Plc boosted its position in InterOil Corp. by 25.1% in the second quarter. Legal & General Group Plc now owns 4,489 shares of the company’s stock valued at $202,000 after buying an additional 900 shares in the last quarter. GLG Partners LP purchased a new position in InterOil Corp. during the second quarter valued at $7,017,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in InterOil Corp. during the second quarter valued at $13,041,000. 48.75% of the stock is owned by institutional investors and hedge funds.
InterOil Corp. Company Profile
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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