11-18-2013, 11:24 PM
By Zacks Equity Research
Many investors appear to be quite bearish InterOil Corporation (IOC) especially if you look at the percentage of the float that is sold short for this stock. Currently, 26.5% of the float is sold short, suggesting an extreme level of bearishness for IOC.
However, it is worth noting that earnings estimates have actually been moving higher for the company, despite the pessimism. Thanks to these rising estimates, we actually have a Zacks Rank #2 (Buy) on IOC, so we clearly don’t believe in the negativity surrounding this firm, and are instead looking for shares of IOC to move higher in the weeks ahead.
However, it is worth noting that earnings estimates have actually been moving higher for the company, despite the pessimism. Thanks to these rising estimates, we actually have a Zacks Rank #2 (Buy) on IOC, so we clearly don’t believe in the negativity surrounding this firm, and are instead looking for shares of IOC to move higher in the weeks ahead.