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 company. Goldman Sachs Group Inc. reissued a neutral rating and set a $50.00 price target on shares of InterOil Corp. in a research note on Tuesday, August 2nd. Sanford C. Bernstein lowered InterOil Corp. from an outperform rating to a market perform rating and increased their price target for the company from $50.00 to $52.00 in a research note on Monday, August 15th. Finally, Raymond James Financial Inc. lowered InterOil Corp. from an outperform rating to a market perform rating in a research note on Thursday, June 16th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $51.95.
InterOil Corp. (NYSE:IOC) opened at 50.69 on Wednesday. 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 $49.65 and a 200-day moving average price of $42.90. The stock’s market capitalization is $2.53 billion.
InterOil Corp. (NYSE:IOC) last released its quarterly earnings data 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 analysts’ expectations of $1.10 million. InterOil Corp.’s revenue for the quarter was down 21.3% on a year-over-year basis. Equities research analysts predict that InterOil Corp. will post ($1.63) EPS for the current fiscal year.
A number of large investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of InterOil Corp. during the fourth quarter worth about $7,606,000. BlackRock Institutional Trust Company N.A. increased its stake 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. increased its stake 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. Investec Asset Management North America Inc. bought a new stake in shares of InterOil Corp. during the first quarter worth about $1,841,000. Finally, UBS Group AG increased its stake in shares of InterOil Corp. by 11,539.4% in the first quarter. UBS Group AG now owns 39,237 shares of the company’s stock worth $1,249,000 after buying an additional 39,580 shares during the period. Institutional investors and hedge funds own 48.75% 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.
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