InterOil Corp. (IOC) Lifted to “Hold” at Zacks Investment Research
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. “
Several other equities research analysts have also weighed in on the company. Goldman Sachs Group Inc. restated a neutral rating and set a $50.00 price target on shares of InterOil Corp. in a research report on Tuesday, August 2nd. Sanford C. Bernstein lowered InterOil Corp. from an outperform rating to a market perform rating and lifted their price target for the company from $50.00 to $52.00 in a research report on Monday, August 15th. Finally, Raymond James Financial Inc. lowered InterOil Corp. from an outperform rating to a market perform rating in a research report on Thursday, June 16th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. InterOil Corp. has a consensus rating of Hold and a consensus price target of $51.95.
InterOil Corp. (NYSE:IOC) opened at 50.55 on Wednesday. The company’s market cap is $2.53 billion. InterOil Corp. has a 1-year low of $21.18 and a 1-year high of $51.49. The stock’s 50 day moving average price is $49.60 and its 200 day moving average price is $42.55.
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 the Thomson Reuters’ consensus estimate of ($0.27) by $0.89. The company earned ($10.70) million during the quarter, compared to the consensus estimate of $1.10 million. The business’s revenue for the quarter was down 21.3% compared to the same quarter last year. On average, equities analysts anticipate that InterOil Corp. will post ($1.63) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Societe Generale bought a new position in shares of InterOil Corp. during the second quarter worth about $322,000. Commerzbank Aktiengesellschaft FI boosted its position 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 in the last quarter. Whitebox Advisors LLC acquired a new position in InterOil Corp. during the second quarter valued at $13,391,000. Bank of Montreal Can acquired a new position in InterOil Corp. during the second quarter valued at $603,000. Finally, Creative Planning boosted its position 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 in the last quarter. Institutional investors and hedge funds 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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