International Petroleum (TSE:IPCO) Sets New 52-Week High - Still a Buy?

Key Points

• International Petroleum shares hit a new 52-week high of C$24.66, closing at C$24.61 with a trading volume of 23,601 shares.
• Scotiabank has raised its price objective for the stock from C$20.00 to C$23.00 and labeled it a "sector perform."
• Insiders have shown confidence in the company by purchasing 60,000 shares at an average price of C$22.13, representing significant ownership by corporate insiders at 35.60%.

International Petroleum Co. (TSE:IPCO - Get Free Report)'s share price reached a new 52-week high on Monday . The stock traded as high as C$24.66 and last traded at C$24.61, with a volume of 23601 shares. The stock had previously closed at C$24.46.

Analysts Set New Price Targets

Separately, Scotiabank raised their price objective on International Petroleum from C$20.00 to C$23.00 and gave the stock a "sector perform" rating in a report on Friday, June 20th.

International Petroleum Stock Up 0.8%

The company has a debt-to-equity ratio of 47.72, a current ratio of 1.92 and a quick ratio of 3.93. The firm has a market cap of C$2.07 billion, a P/E ratio of 20.86 and a beta of 2.38. The firm's 50-day moving average price is C$22.75 and its 200 day moving average price is C$20.74.

Insiders Place Their Bets

In related news, insider International Petroleum Corporation bought 60,000 shares of the stock in a transaction dated Thursday, July 31st. The stock was bought at an average cost of C$22.13 per share, with a total value of C$1,327,800.00. 35.60% of the stock is currently owned by corporate insiders.

About International Petroleum

International Petroleum Corp is an international oil and gas exploration and production company. It is engaged in the exploration, development, and production of oil and gas. Geographically, the company holds a portfolio of oil and gas production assets and development projects in Canada, Malaysia and France.

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