Wolfe Research Upgrades Imperial Oil (TSE:IMO) to “Strong-Buy”

Imperial Oil (TSE:IMO) (NYSEMKT:IMO) was upgraded by equities research analysts at Wolfe Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other brokerages also recently commented on IMO. Scotiabank raised Imperial Oil to a “hold” rating in a research report on Wednesday, March 19th. The Goldman Sachs Group cut Imperial Oil from a “neutral” rating to a “sell” rating in a report on Thursday, March 27th. Desjardins cut their price objective on shares of Imperial Oil from C$91.00 to C$85.00 and set a “hold” rating on the stock in a report on Tuesday, April 15th. Raymond James upgraded shares of Imperial Oil from a “market perform” rating to an “outperform” rating and lowered their target price for the company from C$108.00 to C$104.00 in a report on Wednesday, April 9th. Finally, CIBC increased their price target on shares of Imperial Oil from C$105.00 to C$108.00 in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of C$103.33.

Imperial Oil Stock Performance

Shares of IMO opened at C$94.10 on Monday. The company has a market capitalization of C$49.12 billion, a price-to-earnings ratio of 10.11, a PEG ratio of 0.21 and a beta of 1.78. The company has a debt-to-equity ratio of 18.04, a quick ratio of 0.98 and a current ratio of 1.44. Imperial Oil has a 1 year low of C$82.98 and a 1 year high of C$108.89. The company’s 50 day simple moving average is C$96.08 and its 200 day simple moving average is C$98.54.

About Imperial Oil

Imperial Oil is one of Canada’s largest integrated oil companies, focusing on upstream operations, petroleum refining operations, and the marketing of petroleum products. Production averaged 398 thousand barrels of oil equivalent per day in 2020. The company estimates that it holds 5.2 billion boe of proved and probable crude oil and natural gas reserves.