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- Shares of InterOil Corporation (USA) (NYSE: IOC) have declined 40.97 percent over the past six months, falling to a low of $22.37 on January 20.
- Mark Wiseman of Goldman Sachs has upgraded the rating on the company from Neutral to Buy, while lowering the price target to $37.50.
- Wiseman believes that there could be 68 percent upside potential to the stock and that the current valuation appears “too cheap to ignore,” especially given InterOil’s strategic position in PNG gas.
According to the Goldman Sachs report, “Recent field drilling results were favorable and should support a sizable resource certification payment mid-2016.”
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Analyst Mark Wiseman believes that a key task for the company would be commercializing its 36.5 percent state in the PNG Elk-Antelope gas field.
Among the various catalysts for the stock, Wiseman mentioned the appraisal drilling at Antelope during 1Q2016, where InterOil is drilling at Antelope-6, “which should provide more data on structure and reservoir in the Eastern side of the Elk-Antelope gas field.”
The certification payments during 3Q16 are estimated at $15 million, based on the certified resource of 7.5Tcf.
Image Credit: Public DomainCrypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.