InterOil (NYSE:IOC)‘s stock had its “overweight” rating restated by research analysts at Morgan Stanley in a report released on Friday, Analyst Ratings News reports. They currently have a $105.00 target price on the stock. Morgan Stanley’s price target points to a potential upside of 18.47% from the company’s current price.
The analysts wrote, “IOC met its year-end guidance and announced its anticipated asset sell-down last night. The sell-down provides IOC with $825MM cash plus contingent considerations based upon appraisal drilling and a Super Major LNG operator to monetize its Elk/Antelope discovery. The agreement also provides for a broader strategic arrangement between the parties. Total appears to be acquiring a 47.5% interest (post Gov’t farm-in) in PRL15 for a gross consideration of $1.5Bn to $3.6Bn based upon a three-well appraisal of Elk/Antelope. TOT carries the appraisal well costs and expects that process to be complete in 2015. Given IOC’s 58.6% pre-sell-down ownership, the implied value from the deal of IOC’s PRL interest is $1.8Bn to $4.4Bn. IOC retains 30% interest in the PRL. The deal value excludes value of IOC’s other assets (R&M, Triceratops and exploration) and any returns TOT expects on its investment imputed to IOC’s 30% interest. GLJ’s P-50 estimate is 9.8Tcfe vs. 5.4Tcfe, the lower end estimate.”
Separately, analysts at Zacks upgraded shares of InterOil from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, October 15th. They now have a $65.60 price target on the stock.
InterOil (NYSE:IOC) remained flat at $88.63 during trading on Friday. InterOil has a 52-week low of $50.95 and a 52-week high of $106.44. The stock has a 50-day moving average of $76.90 and a 200-day moving average of $75.63. The company has a market cap of $4.337 billion and a P/E ratio of 1582.68.
InterOil (NYSE:IOC) last issued its quarterly earnings data on Monday, November 11th. The company reported ($0.13) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.07) by $0.06. The company had revenue of $305.24 million for the quarter, compared to the consensus estimate of $322.40 million. During the same quarter last year, the company posted $0.11 earnings per share. InterOil’s revenue was down 6.6% compared to the same quarter last year. On average, analysts predict that InterOil will post $-0.27 earnings per share for the current fiscal year.
InterOil Corporation (NYSE:IOC) is an integrated energy company operating in Papua New Guinea and its surrounding Southwest Pacific region.
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