Movers and SHAKERS
Indonesia Energy Corp (INDO)
Shares surge 47% on rising oil prices
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 rose 47% on December 30 on heavy volume. The shares of INDO opened at $5.74 and quickly rose to $15.33 before ending the day at $7.11. The company did not report any news that might account for the rise in its stock. We would note that management gave an update on operations on November 23 and presented at a conference for microcap stocks on December 10. The shares of INDO are thinly traded with less than 1 million shares traded on average. More than 50 million shares were traded on Wednesday with most of the trades executed before noon.
Oil prices have been rising. Brent oil prices have been rising since the beginning of November and are now above $51 per barrel. The price INDO receives for oil production follows a complicated formula but generally tracks Brent oil prices. Current prices are above that assumed in our models which call for an average price of $45 in 2021 and $50 in 2022 and beyond. Drilling has been delayed into ...
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.