Oceanic Iron Ore (CVE:FEO) Reaches New 52-Week Low – What’s Next?

Oceanic Iron Ore Corp. (CVE:FEO) shares hit a new 52-week low during trading on Monday. The stock traded as low as C$0.57 and last traded at C$0.59, with a volume of 76,163 shares. The stock had previously closed at C$0.60.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group set a C$1.50 price objective on Oceanic Iron Ore and gave the company a “moderate buy” rating in a research report on Monday, August 31st. Three analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, Oceanic Iron Ore has a consensus rating of “Buy” and a consensus target price of C$1.73.

Oceanic Iron Ore Trading Down 1.7%

The stock has a 50-day moving average of C$0.70 and a two-hundred day moving average of C$0.77. The company has a market cap of C$154.29 million, a P/E ratio of -0.89 and a beta of 2.95. The company has a debt-to-equity ratio of 15.79, a quick ratio of 0.43 and a current ratio of 0.03.

About Oceanic Iron Ore

Oceanic Iron Ore Corp., an exploration stage company, acquires and explores for iron ore properties in Quebec, Canada. It holds a 100% interest in the Ungava Bay iron property comprising three project areas, including Hopes Advance, Morgan Lake, and Roberts Lake, which covers an area of approximately 35,999 hectares of iron formation located in Nunavik, Quebec. The company was formerly known as Pacific Harbour Capital Ltd. and changed its name to Oceanic Iron Ore Corp. in November 2010. Oceanic Iron Ore Corp.