Movers and SHAKERS
Indonesia Energy Corp (INDO)
Rating Lowered In Response To Meteoric Rise In Stock Price
Indonesia Energy Corp Ltd is an oil and gas exploration and production company focused on Indonesia. It holds two oil and gas assets through its subsidiaries in Indonesia: one producing block (the Kruh Block) and one exploration block (the Citarum Block). The Kruh Block is located to the northwest of Pendopo, Pali, South Sumatra. The Citarum Block is located to the south of Jakarta.
Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
The shares of INDO have risen from $2.90 at the beginning of the year to $62.46 (up 2054%) briefly trading above $86 at one point. Most of the rise has come in the last five trading days with the stock beginning last week at $13.30. The impetus for the rise was a jump in oil prices (up from $101 to $120 last five trading days). However, the jump in the shares of INDO far surpasses that justified by the rise in oil prices. We would remind investors that there is little to report recently from an operational point of view regarding the company.
The stock price has soared past our price target of $15, which was raised just last Tuesday. We warned at the time of our price target increase that the shares of INDO are thinly traded and can be volatile. We also said that the increase in our price target was using up our gun powder and that future target increases would be difficult. Now that the stock has risen to a level more than five times ...
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.