InterOil Corp. (IOC) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of InterOil Corp. (NYSE:IOC) from a hold rating to a buy rating in a report released on Thursday morning. They currently have $53.00 target price on the stock.
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 research analysts have also issued reports on IOC. Goldman Sachs Group Inc. reaffirmed a neutral rating and set a $50.00 price objective on shares of InterOil Corp. in a report on Tuesday, August 2nd. Sanford C. Bernstein lowered shares of InterOil Corp. from an outperform rating to a market perform rating and increased their price objective for the company from $50.00 to $52.00 in a report on Monday, August 15th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $51.20.
Shares of InterOil Corp. (NYSE:IOC) opened at 47.60 on Thursday. The stock has a 50 day moving average of $49.16 and a 200-day moving average of $45.93. The company’s market capitalization is $2.38 billion. InterOil Corp. has a one year low of $21.18 and a one year high of $51.49.
InterOil Corp. (NYSE:IOC) last released its earnings results on Monday, November 14th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by $0.14. The company had revenue of $7.16 million for the quarter, compared to the consensus estimate of $0.60 million. The company’s quarterly revenue was down 39.0% compared to the same quarter last year. During the same period last year, the company earned ($0.51) earnings per share. On average, equities analysts expect that InterOil Corp. will post ($1.62) earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in IOC. Whitebox Advisors LLC acquired a new stake in InterOil Corp. during the second quarter valued at $13,391,000. HBK Investments L P increased its stake in InterOil Corp. by 81.2% in the first quarter. HBK Investments L P now owns 29,900 shares of the company’s stock valued at $952,000 after buying an additional 13,400 shares during the last quarter. UBS Group AG increased its stake in InterOil Corp. by 11,539.4% in the first quarter. UBS Group AG now owns 39,237 shares of the company’s stock valued at $1,249,000 after buying an additional 39,580 shares during the last quarter. GMT Capital Corp purchased a new stake in InterOil Corp. during the second quarter valued at $9,160,000. Finally, Princeton Alpha Management LP purchased a new stake in InterOil Corp. during the second quarter valued at $471,000. Institutional investors and hedge funds own 48.38% 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.
Receive News & Stock Ratings for InterOil Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for InterOil Corp. and related stocks with our FREE daily email newsletter.