Indonesia Energy (NYSE:INDO) Downgraded to “Hold” at Zacks Investment Research

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Indonesia Energy (NYSE:INDO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, reports.

According to Zacks, “Indonesia Energy Corporation is an energy company. It is engaged in the oil and gas business primarily in Indonesia. Indonesia Energy Corporation is based in Jakarta, Indonesia. “

Separately, Noble Financial raised Indonesia Energy from a “market perform” rating to an “outperform” rating and set a $8.00 price objective for the company in a research report on Wednesday, March 31st.

INDO traded up $0.37 during midday trading on Thursday, reaching $5.72. The company’s stock had a trading volume of 4,053 shares, compared to its average volume of 103,510. Indonesia Energy has a 1 year low of $3.26 and a 1 year high of $11.87. The company’s 50-day simple moving average is $6.73.

Indonesia Energy Company Profile

Indonesia Energy Corporation Limited, through its subsidiaries, operates as an oil and gas exploration and production company in Indonesia. It holds interests in the Kruh Block, a producing block covering an area of 258 km2 with net crude oil proved reserves of 1.98 million barrels located to the northwest of Pendopo, Pali, South Sumatra; and the Citarum Block, an exploration block covering an area of 3,924.67 km2 located onshore in West Java.

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