Analysts upgrade InterOil shares rating to ‘neutral’

Business, Normal

The National, Friday, 27th May 2011

EQUITIES research analysts at Raymond James upgraded shares of InterOil to an “outperform” rating in a research note to investors on Monday, according to American banking and market news.
Separately, analysts at Zacks Investment Research upgraded shares of InterOil from an “underperform” rating to a “neutral” rating in a research note to investors on May 13.
Shares of InterOil opened at US$58.65 on Tuesday.
InterOil has a 52-week low of US$41.67 and a 52-week high of US$81.98.
The stock’s 50-day moving average was US$63.1 and its 200-day moving average was US$71.69.
The company has a market capitalisation of US$2.803 billion.
InterOil last announced its quarterly results on May 12.
The company reported US$0.01 earnings per share (EPS) for the previous quarter, missing the Thomson Reuters consensus estimate of US$0.16 EPS by US$0.15.
The company’s quarterly revenue was up 36.30% on a year-over-year basis. On average, analysts predicted that InterOil would post US$0.08 EPS next quarter.
InterOil is an integrated energy company operating in PNG and its surrounding Southwest Pacific region.
The company operates in four business segments: upstream, midstream, downstream and corporate.
The upstream segment explores for and appraises natural gas and oil structures in PNG with a view to commercialising discoveries.
The commercialisation of the Elk and Antelope fields included the development of a proposed condensate stripping facility and development of gas production facilities for liquefied natural gas in Gulf.
The midstream segment produces refined petroleum products at Napa Napa in Port Moresby, for the domestic market and for export.
It is developing proposed onshore and or offshore floating liquefied natural gas processing facilities in PNG.
The downstream segment markets and distributes refined petroleum products domestically in PNG on a wholesale and retail basis.