InterOil Corp. (IOC) Stock Rating Upgraded by Zacks Investment Research
InterOil Corp. (NYSE:IOC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $56.00 price objective on the stock. Zacks Investment Research’s target price suggests a potential upside of 12.65% from the stock’s current price.
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. “
A number of other equities analysts have also recently issued reports on the stock. Citigroup Inc. cut shares of InterOil Corp. from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 24th. Raymond James Financial Inc. cut shares of InterOil Corp. from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 16th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $51.95.
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InterOil Corp. (NYSE:IOC) traded down 0.26% during trading on Tuesday, reaching $49.71. The company had a trading volume of 70,208 shares. InterOil Corp. has a one year low of $21.18 and a one year high of $51.49. The company has a 50-day moving average price of $49.75 and a 200 day moving average price of $43.20. The company’s market capitalization is $2.48 billion.
InterOil Corp. (NYSE:IOC) last released its quarterly earnings data on Thursday, August 4th. The company reported ($1.16) earnings per share (EPS) for the quarter, missing the Zacks’ 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. The company’s revenue was down 21.3% on a year-over-year basis. Analysts expect that InterOil Corp. will post ($1.63) earnings per share for the current year.
Several large investors have recently bought and sold shares of IOC. JPMorgan Chase & Co. raised its stake 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 purchased a new stake in InterOil Corp. during the second quarter valued at approximately $37,750,000. FIL Ltd raised its stake in InterOil Corp. by 0.4% in the fourth quarter. FIL Ltd now owns 462,900 shares of the company’s stock valued at $14,544,000 after buying an additional 1,700 shares during the period. Renaissance Technologies LLC purchased a new stake in InterOil Corp. during the first quarter valued at approximately $11,773,000. Finally, Aspen Investment Management Inc raised its stake 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. Institutional investors own 48.75% of the company’s stock.
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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