InterOil Corp. (NYSE:IOC) Receives Average Rating of “Hold” from Analysts
Shares of InterOil Corp. (NYSE:IOC) have been given a consensus rating of “Hold” by the six research firms that are currently covering the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $50.60.
IOC has been the topic of several analyst reports. Citigroup Inc. lowered shares of InterOil Corp. from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 24th. Raymond James Financial Inc. lowered shares of InterOil Corp. from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 16th. Zacks Investment Research lowered shares of InterOil Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, July 13th. Goldman Sachs Group Inc. reiterated a “neutral” rating and set a $50.00 price target on shares of InterOil Corp. in a research report on Tuesday, August 2nd. Finally, Sanford C. Bernstein lowered 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 report on Monday, August 15th.
Shares of InterOil Corp. (NYSE:IOC) opened at 49.16 on Thursday. The company has a 50 day moving average of $49.11 and a 200-day moving average of $40.63. The company’s market cap is $2.46 billion. InterOil Corp. has a 52-week low of $21.18 and a 52-week high of $50.12.
InterOil Corp. (NYSE:IOC) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($1.16) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.27) by $0.89. The company had revenue of ($10.70) million for the quarter, compared to analyst estimates of $1.10 million. The company’s revenue for the quarter was down 21.3% on a year-over-year basis. Analysts forecast that InterOil Corp. will post ($1.63) EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of InterOil Corp. during the fourth quarter worth $7,606,000. Aspen Investment Management Inc raised its position in shares of InterOil Corp. by 3.6% in the first quarter. Aspen Investment Management Inc now owns 318,319 shares of the company’s stock worth $10,132,000 after buying an additional 11,192 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of InterOil Corp. by 960.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 48,538 shares of the company’s stock worth $1,545,000 after buying an additional 43,962 shares during the period. JPMorgan Chase & Co. raised its position in shares of InterOil Corp. by 1.1% in the first quarter. JPMorgan Chase & Co. now owns 3,106,604 shares of the company’s stock worth $98,883,000 after buying an additional 34,935 shares during the period. Finally, Investec Asset Management North America Inc. acquired a new position in shares of InterOil Corp. during the first quarter worth approximately $1,841,000. Hedge funds and other institutional investors own 48.75% 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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