CIBC Raises Imperial Oil (NYSEAMERICAN:IMO) Price Target to C$70.00

Imperial Oil (NYSEAMERICAN:IMOGet Rating) (TSE:IMO) had its price target hoisted by CIBC from C$60.00 to C$70.00 in a research report sent to investors on Thursday morning, The Fly reports.

Several other brokerages also recently issued reports on IMO. Credit Suisse Group boosted their price objective on Imperial Oil from $51.00 to $56.00 and gave the stock a neutral rating in a research report on Tuesday, March 8th. The Goldman Sachs Group upgraded Imperial Oil from a neutral rating to a buy rating in a research report on Friday, February 11th. Scotiabank upped their target price on Imperial Oil from C$52.00 to C$56.00 in a research report on Thursday, January 13th. Raymond James upped their target price on Imperial Oil from C$55.00 to C$57.00 in a research report on Wednesday, March 2nd. Finally, Zacks Investment Research downgraded Imperial Oil from a buy rating to a hold rating and set a $38.00 target price for the company. in a research report on Monday, January 3rd. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Imperial Oil currently has an average rating of Hold and an average target price of $52.93.

NYSEAMERICAN:IMO opened at $50.81 on Thursday. The company has a market cap of $34.00 billion, a PE ratio of 78.17, a P/E/G ratio of 0.31 and a beta of 1.70. Imperial Oil has a 52 week low of $23.94 and a 52 week high of $51.75. 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 issued its quarterly earnings data on Tuesday, February 1st. The energy company reported $0.94 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.07 by ($0.13). The business had revenue of $12.31 billion for the quarter, compared to analyst estimates of $10.82 billion. Imperial Oil had a return on equity of 8.06% and a net margin of 1.81%. The business’s quarterly revenue was up 104.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.56) earnings per share. Equities research analysts anticipate that Imperial Oil will post 2.92 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, April 1st. Shareholders of record on Thursday, March 3rd were paid a dividend of $0.2673 per share. This is an increase from Imperial Oil’s previous quarterly dividend of $0.22. This represents a $1.07 annualized dividend and a yield of 2.10%. The ex-dividend date was Wednesday, March 2nd. Imperial Oil’s payout ratio is 164.62%.

Several large investors have recently made changes to their positions in the stock. Ritholtz Wealth Management increased its position in Imperial Oil by 56.6% in the 1st quarter. Ritholtz Wealth Management now owns 18,044 shares of the energy company’s stock worth $872,000 after purchasing an additional 6,522 shares during the last quarter. Guinness Atkinson Asset Management Inc increased its position in Imperial Oil by 26.4% in the 1st quarter. Guinness Atkinson Asset Management Inc now owns 19,658 shares of the energy company’s stock worth $952,000 after purchasing an additional 4,107 shares during the last quarter. Guinness Asset Management LTD increased its position in Imperial Oil by 25.0% in the 1st quarter. Guinness Asset Management LTD now owns 509,159 shares of the energy company’s stock worth $24,722,000 after purchasing an additional 101,693 shares during the last quarter. Rempart Asset Management Inc. acquired a new position in Imperial Oil in the 1st quarter worth about $220,000. Finally, Pacer Advisors Inc. increased its holdings in shares of Imperial Oil by 54.8% during the 1st quarter. Pacer Advisors Inc. now owns 32,403 shares of the energy company’s stock valued at $1,566,000 after acquiring an additional 11,468 shares during the last quarter. Institutional investors and hedge funds own 20.97% of the company’s stock.

About Imperial Oil (Get Rating)

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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