Imperial Oil (NYSEAMERICAN:IMO) Sees Strong Trading Volume Following Analyst Upgrade

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Shares of Imperial Oil Limited (NYSEAMERICAN:IMOGet Rating) (TSE:IMO) saw strong trading volume on Friday after National Bank Financial raised their price target on the stock from C$80.00 to C$93.00. 36,840 shares traded hands during mid-day trading, a decline of 94% from the previous session’s volume of 591,221 shares.The stock last traded at $47.75 and had previously closed at $50.72.

A number of other equities analysts also recently issued reports on IMO. BMO Capital Markets lifted their price target on Imperial Oil from C$65.00 to C$70.00 in a research note on Monday, May 2nd. Credit Suisse Group boosted their target price on Imperial Oil from C$65.00 to C$72.00 in a research note on Monday, May 9th. CIBC boosted their target price on Imperial Oil from C$60.00 to C$70.00 in a research note on Thursday, April 14th. Royal Bank of Canada boosted their target price on Imperial Oil from C$66.00 to C$78.00 in a research note on Thursday. Finally, Scotiabank boosted their target price on Imperial Oil from C$72.00 to C$80.00 in a research note on Wednesday, June 8th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $64.00.

A number of hedge funds have recently modified their holdings of IMO. Northwestern Mutual Wealth Management Co. bought a new position in shares of Imperial Oil in the fourth quarter worth $25,000. Atlas Capital Advisors LLC bought a new position in shares of Imperial Oil in the first quarter worth $33,000. AlphaCentric Advisors LLC bought a new position in shares of Imperial Oil in the fourth quarter worth $69,000. Van ECK Associates Corp increased its stake in Imperial Oil by 36.6% in the first quarter. Van ECK Associates Corp now owns 2,268 shares of the energy company’s stock valued at $110,000 after acquiring an additional 608 shares during the last quarter. Finally, Signaturefd LLC increased its stake in Imperial Oil by 12.5% in the first quarter. Signaturefd LLC now owns 2,875 shares of the energy company’s stock valued at $139,000 after acquiring an additional 320 shares during the last quarter. 20.97% of the stock is currently owned by institutional investors and hedge funds.

The company has a market cap of $32.06 billion, a P/E ratio of 77.02, a price-to-earnings-growth ratio of 0.31 and a beta of 1.70. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 1.09.

Imperial Oil (NYSEAMERICAN:IMOGet Rating) (TSE:IMO) last posted its quarterly earnings results on Friday, April 29th. The energy company reported $1.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.78 by ($0.03). Imperial Oil had a net margin of 1.81% and a return on equity of 8.06%. During the same quarter in the previous year, the business earned $0.53 EPS. Equities analysts anticipate that Imperial Oil Limited will post 2.92 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 1st. Shareholders of record on Thursday, June 2nd will be given a dividend of $0.2648 per share. The ex-dividend date of this dividend is Wednesday, June 1st. This represents a $1.06 annualized dividend and a yield of 2.21%. Imperial Oil’s payout ratio is 166.16%.

Imperial Oil Company Profile (NYSEAMERICAN:IMO)

Imperial Oil Limited engages in exploration, production, and sale of crude oil and natural gas in Canada. The company operates through three segments: Upstream, Downstream and Chemical segments. The Upstream segment explores for, and produces crude oil, natural gas, synthetic oil, and bitumen. As of December 31, 2021, this segment had 386 million oil-equivalent barrels of proved undeveloped reserves.

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