Oceanic Iron Ore (CVE:FEO) Shares Up 2.9% – Still a Buy?

Oceanic Iron Ore Corp. (CVE:FEO – Get Free Report)’s stock price shot up 2.9% during trading on Wednesday . The stock traded as high as C$0.72 and last traded at C$0.72. 412,911 shares traded hands during trading, an increase of 231% from the average session volume of 124,832 shares. The stock had previously closed at C$0.70.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Haywood Securities set a C$2.00 target price on shares of Oceanic Iron Ore and gave the stock a “buy” rating in a research note on Tuesday, April 7th. National Bank Financial set a C$1.70 target price on shares of Oceanic Iron Ore and gave the stock an “outperform” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of C$1.85.

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Oceanic Iron Ore Price Performance

The company has a debt-to-equity ratio of 15.79, a quick ratio of 0.43 and a current ratio of 0.03. The firm has a market capitalization of C$234.56 million, a P/E ratio of -1.23 and a beta of 2.71. The stock’s 50 day simple moving average is C$0.80 and its 200 day simple moving average is C$0.81.

Insider Buying and Selling at Oceanic Iron Ore

In other Oceanic Iron Ore news, Director Jeremy Langford purchased 128,500 shares of the stock in a transaction dated Wednesday, May 27th. The stock was purchased at an average price of C$0.78 per share, with a total value of C$100,230.00. Following the transaction, the director owned 128,500 shares of the company’s stock, valued at approximately C$100,230. This trade represents a ∞ increase in their ownership of the stock. Insiders own 9.00% of the company’s stock.

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.

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