Oceanic Iron Ore (CVE:FEO) Trading 13.3% Higher – Time to Buy?

Shares of Oceanic Iron Ore Corp. (CVE:FEO) were up 13.3% during trading on Tuesday . The stock traded as high as C$0.88 and last traded at C$0.85. 540,239 shares traded hands during mid-day trading, an increase of 353% from the average daily volume of 119,137 shares. The stock had previously closed at C$0.75.

Analyst Ratings Changes

Several research firms have commented on FEO. Canaccord Genuity Group set a C$1.50 price objective on shares of Oceanic Iron Ore and gave the company a “moderate buy” rating in a 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 report on Wednesday, June 10th. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of C$1.73.

Oceanic Iron Ore Stock Down 1.2%

The business has a 50-day moving average price of C$0.69 and a 200 day moving average price of C$0.78. The company has a current ratio of 0.03, a quick ratio of 0.43 and a debt-to-equity ratio of 15.79. The stock has a market capitalization of C$209.21 million, a P/E ratio of -1.21 and a beta of 3.00.

About Oceanic Iron Ore

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.