Oceanic Iron Ore (CVE:FEO) Shares Up 13.3% – Here’s What Happened

by · The Markets Daily

Oceanic Iron Ore Corp. (CVE:FEO – Get Free Report) traded up 13.3% during trading on Tuesday . The stock traded as high as C$0.88 and last traded at C$0.85. 540,239 shares changed hands during mid-day trading, an increase of 353% from the average session volume of 119,137 shares. The stock had previously closed at C$0.75.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FEO. National Bank Financial set a C$1.70 price objective on Oceanic Iron Ore and gave the company an “outperform” rating in a research note on Wednesday, June 10th. Canaccord Genuity Group set a C$1.50 target price on shares of Oceanic Iron Ore and gave the stock a “moderate buy” rating in a research note on Monday, August 31st. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of C$1.73.

Get Our Latest Analysis on FEO

Oceanic Iron Ore Stock Performance

The company has a market cap of C$222.28 million, a PE ratio of -1.29 and a beta of 3.00. The company has a current ratio of 0.03, a quick ratio of 0.43 and a debt-to-equity ratio of 15.79. The business’s 50 day moving average is C$0.69 and its two-hundred day moving average is C$0.78.

Oceanic Iron Ore Company Profile

(Get Free Report)

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.

Further Reading