InterOil Corp. (IOC) Lifted 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 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. “
IOC has been the topic of several other research reports. Sanford C. Bernstein lowered InterOil Corp. from an “outperform” rating to a “market perform” rating and raised their price target for the company from $50.00 to $52.00 in a research note on Monday, August 15th. Raymond James Financial Inc. lowered InterOil Corp. from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 16th. Finally, Goldman Sachs Group Inc. reiterated a “neutral” rating and issued a $50.00 target price on shares of InterOil Corp. in a research note on Tuesday, August 2nd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $51.95.
InterOil Corp. (NYSE:IOC) opened at 50.47 on Wednesday. The company’s market cap is $2.52 billion. The stock has a 50 day moving average of $49.46 and a 200 day moving average of $42.29. InterOil Corp. has a 52 week low of $21.18 and a 52 week high of $51.49.
InterOil Corp. (NYSE:IOC) last announced its quarterly earnings results on Thursday, August 4th. The company reported ($1.16) EPS for the quarter, missing the consensus estimate of ($0.27) by $0.89. The firm earned ($10.70) million during the quarter, compared to analysts’ expectations of $1.10 million. The business’s revenue for the quarter was down 21.3% on a year-over-year basis. Equities research analysts predict that InterOil Corp. will post ($1.63) EPS for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised 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 bought a new position in InterOil Corp. during the second quarter valued at about $37,750,000. Renaissance Technologies LLC bought a new position in InterOil Corp. during the first quarter valued at about $11,773,000. Aspen Investment Management Inc raised 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 raised 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. 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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