InterOil Corp. (IOC) Releases Quarterly Earnings Results, Misses Estimates By $0.14 EPS
InterOil Corp. (NYSE:IOC) issued its quarterly earnings data on Monday. The company reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.37) by $0.14. The firm had revenue of $7.16 million for the quarter, compared to analysts’ expectations of $0.60 million. The company’s revenue was down 39.0% on a year-over-year basis. During the same period last year, the business posted ($0.51) earnings per share.
InterOil Corp. (NYSE:IOC) opened at 47.27 on Tuesday. The company’s market capitalization is $2.36 billion. InterOil Corp. has a 1-year low of $21.18 and a 1-year high of $51.49. The company has a 50-day moving average of $49.42 and a 200-day moving average of $45.81.
Several brokerages have recently commented on IOC. Zacks Investment Research raised shares of InterOil Corp. from a “sell” rating to a “hold” rating in a research note on Wednesday, October 5th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and set a $50.00 price objective on shares of InterOil Corp. in a research note on Tuesday, August 2nd. Finally, Sanford C. Bernstein downgraded shares of InterOil Corp. from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $50.00 to $52.00 in a research note on Monday, August 15th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $51.95.
Several large investors have recently modified their holdings of IOC. UBS Group AG boosted its stake in shares of InterOil Corp. by 2.4% in the third quarter. UBS Group AG now owns 39,145 shares of the company’s stock worth $1,993,000 after buying an additional 909 shares during the period. Perella Weinberg Partners Capital Management LP acquired a new stake in shares of InterOil Corp. during the third quarter worth approximately $1,578,000. Mangrove Partners boosted its stake in shares of InterOil Corp. by 39.5% in the third quarter. Mangrove Partners now owns 258,715 shares of the company’s stock worth $13,174,000 after buying an additional 73,234 shares during the period. KCG Holdings Inc. acquired a new stake in shares of InterOil Corp. during the third quarter worth approximately $752,000. Finally, Morgan Stanley boosted its stake in shares of InterOil Corp. by 31.7% in the third quarter. Morgan Stanley now owns 993,486 shares of the company’s stock worth $50,589,000 after buying an additional 238,903 shares during the period. Institutional investors and hedge funds own 48.38% of the company’s stock.
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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