Oceanic Iron Ore (CVE:FEO) Reaches New 52-Week Low – What’s Next?

Oceanic Iron Ore Corp. (CVE:FEO) hit a new 52-week low on Monday. The company traded as low as C$0.57 and last traded at C$0.59, with a volume of 76,163 shares traded. The stock had previously closed at C$0.60.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group set a C$1.50 price objective on Oceanic Iron Ore and gave the company a “moderate buy” rating in a research report on Monday, August 31st. Three equities research analysts have rated the stock with a Buy rating. According to MarketBeat.com, Oceanic Iron Ore presently has an average rating of “Buy” and a consensus target price of C$1.73.

Oceanic Iron Ore Price Performance

The company has a debt-to-equity ratio of 15.79, a current ratio of 0.03 and a quick ratio of 0.43. The company has a market capitalization of C$154.29 million, a PE ratio of -0.89 and a beta of 2.95. The firm has a 50-day moving average of C$0.70 and a 200 day moving average of C$0.77.

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.