California Public Employees Retirement System cut its stake in shares of InterOil Corp. (NYSE:IOC) by 3.1% during the second quarter, Holdings Channel reports. The fund owned 81,700 shares of the company’s stock after selling 2,600 shares during the period. California Public Employees Retirement System owned approximately 0.16% of InterOil Corp. worth $3,676,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Societe Generale purchased a new stake in InterOil Corp. during the second quarter valued at $322,000. SG Americas Securities LLC purchased a new stake in InterOil Corp. during the second quarter valued at $322,000. Commerzbank Aktiengesellschaft FI increased its stake in InterOil Corp. by 68.3% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 12,325 shares of the company’s stock valued at $555,000 after buying an additional 5,000 shares during the last quarter. Bank of Montreal Can purchased a new stake in InterOil Corp. during the second quarter valued at $603,000. Finally, Creative Planning increased its stake in InterOil Corp. by 0.5% in the second quarter. Creative Planning now owns 20,347 shares of the company’s stock valued at $916,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 48.75% of the company’s stock.

Shares of InterOil Corp. (NYSE:IOC) traded down 0.36% during midday trading on Friday, hitting $49.37. The stock had a trading volume of 890,369 shares. The firm has a 50 day moving average price of $49.12 and a 200 day moving average price of $40.90. InterOil Corp. has a one year low of $21.18 and a one year high of $50.12. The stock’s market cap is $2.47 billion.

InterOil Corp. (NYSE:IOC) last released its quarterly earnings results on Thursday, August 4th. The company reported ($1.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by $0.89. The firm earned ($10.70) million during the quarter, compared to analyst estimates of $1.10 million. InterOil Corp.’s revenue was down 21.3% compared to the same quarter last year. On average, equities analysts forecast that InterOil Corp. will post ($1.63) earnings per share for the current fiscal year.

Several equities analysts have issued reports on IOC shares. Sanford C. Bernstein lowered InterOil Corp. from an “outperform” rating to a “market perform” rating and lifted their target price 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. Zacks Investment Research lowered InterOil Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, July 13th. 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. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $51.95.

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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