Movers and SHAKERS
Indonesia Energy Corp (INDO)
Rating Upgraded, PO Reinstated
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.
We are upgrading the shares of INDO following weakness in the share price. Recall that we had downgraded the shares on March 3rd when the share price crossed our price objective and traded above our P.O. for several weeks. The shares have been weak in recent weeks and now trade below our estimated fair value. As a result, we are upgrading the shares and reinstating our price objective.
Stock value is not dependent on near-term energy pricing. Our valuation work is based on a two-stage discounted cash flow analysis. In the case of INDO who has limited current production but large drilling plans, much of the company's valuation is back-end loaded. When we downgraded the shares, we did so because they had risen based on near-term oil price strength even as our long-term oil price ...
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.