International Petroleum (TSE:IPCO) Hits New 12-Month 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 hit a new 52-week high during mid-day trading on Monday . The company traded as high as C$24.66 and last traded at C$24.61, with a volume of 23601 shares changing hands. The stock had previously closed at C$24.46.

Analyst Upgrades and Downgrades

Separately, Scotiabank increased their target price on shares of International Petroleum from C$20.00 to C$23.00 and gave the company a "sector perform" rating in a report on Friday, June 20th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of C$21.67.

International Petroleum Price Performance

The business's 50 day moving average price is C$23.12 and its 200 day moving average price is C$20.93. The stock has a market capitalization of C$2.17 billion, a P/E ratio of 21.84 and a beta of 2.38. The company has a debt-to-equity ratio of 47.72, a current ratio of 1.92 and a quick ratio of 3.93.

Insider Buying and Selling

In other news, insider International Petroleum Corporation purchased 60,000 shares of the stock in a transaction dated Thursday, July 31st. The shares were purchased at an average cost of C$22.13 per share, with a total value of C$1,327,800.00. Company insiders own 35.60% of the company's stock.

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.