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Downgrade Alert for InterOil (IOC)

By James Quinn

InterOil (AMEX:IOC) was downgraded from Outperform to Market Perform at Bernstein today. The stock closed yesterday at $49.02 on volume of 499,000 shares, above average daily volume of 289,000.

InterOil Corporation is a Canadian company building a vertically integrated energy company whose primary focus is Papua New Guinea and the surrounding area. The company owns an oil refinery, upstream petroleum exploration licenses, and retail and commercial distribution assets. InterOil is also undertaking an extensive petroleum exploration program within its licensed area in New Guinea.

There is potential upside of 14.7% for shares of InterOil based on a current price of $49.02 and an average consensus analyst price target of $56.24. The stock should discover initial support at its 200-day moving average (MA) of $33.86 and subsequent support at its 50-day MA of $30.67.

In the past 52 weeks, shares of InterOil have traded between a low of $21.18 and a high of $61.15 and closed yesterday at $49.02, which is 131% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has slid 0.8%.

SmarTrend recommended that subscribers consider buying shares of InterOil on May 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $42.57. Since that recommendation, shares of InterOil have risen 15.2%. We continue to monitor IOC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades amex:ioc interoil

Ticker(s): IOC