Equities Analysts Set Expectations for Imperial Oil Limited’s FY2023 Earnings (NYSEAMERICAN:IMO)

Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) – Stock analysts at Zacks Research cut their FY2023 earnings estimates for shares of Imperial Oil in a research note issued to investors on Thursday, August 31st. Zacks Research analyst T. Saha now expects that the energy company will earn $5.15 per share for the year, down from their prior forecast of $5.20. The consensus estimate for Imperial Oil’s current full-year earnings is $5.32 per share. Zacks Research also issued estimates for Imperial Oil’s Q4 2023 earnings at $1.27 EPS, Q4 2024 earnings at $0.82 EPS, FY2024 earnings at $4.94 EPS and Q1 2025 earnings at $0.39 EPS.

Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) last announced its quarterly earnings results on Friday, July 28th. The energy company reported $0.86 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.86. Imperial Oil had a net margin of 10.61% and a return on equity of 23.61%. The company had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $11.55 billion.

IMO has been the topic of several other reports. StockNews.com initiated coverage on Imperial Oil in a research report on Wednesday, August 23rd. They issued a “hold” rating on the stock. CIBC boosted their target price on Imperial Oil from $75.00 to $76.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, UBS Group assumed coverage on shares of Imperial Oil in a research report on Wednesday, July 12th. They set a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $79.00.

Imperial Oil Stock Performance

Shares of IMO stock opened at $57.98 on Friday. The company’s 50-day moving average price is $48.76. The company has a quick ratio of 1.26, a current ratio of 1.49 and a debt-to-equity ratio of 0.17. The stock has a market cap of $33.74 billion, a P/E ratio of 8.25, a price-to-earnings-growth ratio of 0.38 and a beta of 1.56. Imperial Oil has a one year low of $40.20 and a one year high of $58.99.

Imperial Oil Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 1st will be paid a $0.3789 dividend. This is a boost from Imperial Oil’s previous quarterly dividend of $0.37. The ex-dividend date is Thursday, August 31st. This represents a $1.52 annualized dividend and a dividend yield of 2.61%. Imperial Oil’s dividend payout ratio is 21.19%.

Hedge Funds Weigh In On Imperial Oil

A number of hedge funds have recently modified their holdings of the business. FMR LLC grew its stake in shares of Imperial Oil by 11.8% during the first quarter. FMR LLC now owns 26,475,124 shares of the energy company’s stock worth $1,346,382,000 after purchasing an additional 2,802,294 shares in the last quarter. Vanguard Group Inc. boosted its stake in Imperial Oil by 1.6% in the first quarter. Vanguard Group Inc. now owns 7,069,354 shares of the energy company’s stock valued at $341,591,000 after acquiring an additional 109,916 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Imperial Oil by 91.7% in the fourth quarter. Morgan Stanley now owns 2,557,092 shares of the energy company’s stock valued at $124,633,000 after acquiring an additional 1,223,456 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Imperial Oil by 12.6% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,454,275 shares of the energy company’s stock valued at $119,546,000 after acquiring an additional 274,075 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Imperial Oil by 0.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,297,132 shares of the energy company’s stock valued at $116,718,000 after acquiring an additional 7,081 shares during the period. 20.74% of the stock is currently owned by hedge funds and other institutional investors.

About Imperial Oil

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 crude oil, and bitumen. The Downstream segment is involved in the transportation and refining of crude oil, blending of refined products, and the distribution and marketing of refined products.