Oceanic Iron Ore (CVE:FEO) Reaches New 12-Month Low – What’s Next?

Oceanic Iron Ore Corp. (CVE:FEO) hit a new 52-week low during mid-day 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 changing hands. The stock had previously closed at C$0.60.

Analyst Upgrades and Downgrades

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

Oceanic Iron Ore Stock Up 3.5%

The company has a market capitalization of C$154.29 million, a PE ratio of -0.89 and a beta of 2.95. The company has a quick ratio of 0.43, a current ratio of 0.03 and a debt-to-equity ratio of 15.79. The firm has a 50-day moving average of C$0.69 and a two-hundred day moving average of C$0.77.

Oceanic Iron Ore Company Profile

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. was incorporated in 1986 and is headquartered in Vancouver, Canada.