BidaskClub Upgrades Imperial Oil Ltd (IMO) to “Buy”
BidaskClub upgraded shares of Imperial Oil Ltd (NYSEMKT:IMO) (TSE:IMO) from a hold rating to a buy rating in a research report released on Tuesday.
IMO has been the topic of several other research reports. Zacks Investment Research upgraded shares of Imperial Oil from a hold rating to a strong-buy rating and set a $33.00 price target on the stock in a report on Tuesday, May 16th. Citigroup Inc. reiterated a neutral rating on shares of Imperial Oil in a report on Wednesday, August 2nd. Raymond James Financial, Inc. downgraded shares of Imperial Oil from an outperform rating to a market perform rating in a report on Wednesday, July 5th. Barclays PLC upgraded shares of Imperial Oil from an equal weight rating to an overweight rating in a report on Tuesday, July 11th. Finally, UBS AG downgraded shares of Imperial Oil from an outperform rating to a market perform rating in a report on Wednesday, July 5th. Five analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $45.44.
Shares of Imperial Oil (NYSEMKT IMO) opened at 31.15 on Tuesday. Imperial Oil has a 52 week low of $27.59 and a 52 week high of $36.85. The stock has a 50 day moving average of $29.44 and a 200-day moving average of $29.54. The company has a market capitalization of $26.30 billion, a price-to-earnings ratio of 12.26 and a beta of 1.14.
Imperial Oil (NYSEMKT:IMO) (TSE:IMO) last issued its quarterly earnings results on Friday, July 28th. The energy company reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.30). Imperial Oil had a negative return on equity of 1.23% and a negative net margin of 1.10%. The business had revenue of $7.03 billion during the quarter, compared to analyst estimates of $8.40 billion. During the same quarter last year, the company posted ($0.21) EPS. Imperial Oil’s quarterly revenue was up 12.6% compared to the same quarter last year. On average, analysts anticipate that Imperial Oil will post $0.98 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 1st will be paid a dividend of $0.1279 per share. This is a boost from Imperial Oil’s previous quarterly dividend of $0.12. The ex-dividend date is Wednesday, August 30th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 1.64%. Imperial Oil’s dividend payout ratio (DPR) is presently 170.37%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. grew its stake in shares of Imperial Oil by 0.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 33,488 shares of the energy company’s stock worth $977,000 after purchasing an additional 152 shares during the period. Comerica Bank grew its stake in shares of Imperial Oil by 1.3% during the 1st quarter. Comerica Bank now owns 13,983 shares of the energy company’s stock worth $411,000 after purchasing an additional 181 shares during the period. World Asset Management Inc grew its stake in shares of Imperial Oil by 1.3% during the 1st quarter. World Asset Management Inc now owns 15,175 shares of the energy company’s stock worth $463,000 after purchasing an additional 193 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Imperial Oil by 0.4% during the 1st quarter. JPMorgan Chase & Co. now owns 110,053 shares of the energy company’s stock worth $3,355,000 after purchasing an additional 447 shares during the period. Finally, Davis Rea Ltd. grew its stake in shares of Imperial Oil by 0.6% during the 2nd quarter. Davis Rea Ltd. now owns 113,799 shares of the energy company’s stock worth $3,327,000 after purchasing an additional 626 shares during the period.
About Imperial Oil
Imperial Oil Limited is an integrated oil company. The Company is engaged in all the phases of the petroleum industry in Canada, including exploration for, and production and sale of, crude oil and natural gas. Its operations are conducted in three segments: Upstream, Downstream and Chemical. The Upstream operations include the exploration for, and production of, crude oil, natural gas, synthetic oil and bitumen.
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