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

Shares of Oceanic Iron Ore Corp. (CVE:FEO – Get Free Report) traded up 13.3% during mid-day trading on Tuesday . The company traded as high as C$0.88 and last traded at C$0.85. Approximately 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.

Wall Street Analysts Forecast Growth

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

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Oceanic Iron Ore Trading Up 13.3%

The firm has a market capitalization of C$222.28 million, a PE ratio of -1.29 and a beta of 3.00. The company has a quick ratio of 0.43, a current ratio of 0.03 and a debt-to-equity ratio of 15.79. The stock’s fifty day simple moving average is C$0.69 and its 200 day simple 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.

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