InterOil Corp. (NYSE:IOC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
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 analysts have also commented on the stock. Goldman Sachs Group Inc. reissued a “neutral” rating and issued a $50.00 price target on shares of InterOil Corp. in a research report on Tuesday, August 2nd. Sanford C. Bernstein lowered shares of 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. downgraded shares of InterOil Corp. from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 16th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $51.95.
Shares of InterOil Corp. (NYSE:IOC) traded down 0.445% during mid-day trading on Wednesday, hitting $50.345. 45,369 shares of the company’s stock were exchanged. The company’s market capitalization is $2.52 billion. InterOil Corp. has a 52 week low of $21.18 and a 52 week high of $51.49. The firm has a 50 day moving average price of $49.56 and a 200-day moving average price of $42.41.
InterOil Corp. (NYSE:IOC) last released its quarterly earnings results on Thursday, August 4th. The company reported ($1.16) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.27) by $0.89. The firm had revenue of ($10.70) million for the quarter, compared to the consensus estimate of $1.10 million. The business’s revenue for the quarter was down 21.3% on a year-over-year basis. On average, equities analysts anticipate that InterOil Corp. will post ($1.63) EPS for the current year.
A number of large investors have recently bought and sold shares of the stock. Pacad Investment Ltd. acquired a new stake in InterOil Corp. during the second quarter worth $167,000. Legal & General Group Plc boosted its stake in InterOil Corp. by 25.1% in the second quarter. Legal & General Group Plc now owns 4,489 shares of the company’s stock worth $202,000 after buying an additional 900 shares during the period. Sterneck Capital Management LLC acquired a new stake in InterOil Corp. during the second quarter worth $270,000. Gamco Investors INC. ET AL acquired a new stake in InterOil Corp. during the second quarter worth $297,000. Finally, Societe Generale acquired a new stake in InterOil Corp. during the second quarter worth $322,000. 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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