Movers and SHAKERS
Indonesia Energy Corp (INDO)
Rating downgraded with shares above our price target
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 lowering our rating on the shares of INDO as the shares have crossed and remain above our previous price target of $8.00. The shares of INDO have been strong as of late in response to rising oil prices. The shares have traded above our previous price objective for several weeks.
We have adjusted our earnings and cash flow estimates to reflect our higher oil price assumptions. We have raised our 2021 WTI oil price estimate to $60 from $45 and our 2022 estimate to $60 from $50 to reflect recent strength. We are maintaining our long-term oil price estimate of $50 at this time as we monitor the industries drilling response to higher prices. We now project a 2020 EPS loss of ...
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.