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Buyers Accumulate Shares of InterOil, Up 1.8%

Published on Tue, 02/05/2013 - 13:27
By Robert Cotter

InterOil (AMEX:IOC), a company whose shares are moving quickly, is trading 1.8% higher to $57.60. The S&P is trading higher by 0.9% to 1,509 and the Dow is trading 0.7% higher to 13,984.

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.

Over the past year, InterOil has traded in a range of $47.02 to $99.05 and is now at $57.60, 23% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

There is potential upside of 73.6% for shares of InterOil based on a current price of $57.60 and an average consensus analyst price target of $100.00. The stock should hit resistance at its 200-day moving average (MA) of $67.59, as well as support at its 50-day MA of $57.55.

By Robert Cotter
rcotter@fnno.com

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