Imperial Oil (NYSEAMERICAN:IMO) Price Target Increased to C$80.00 by Analysts at Credit Suisse Group

Imperial Oil (NYSEAMERICAN:IMOGet Rating) (TSE:IMO) had its price target increased by Credit Suisse Group from C$72.00 to C$80.00 in a report released on Monday, The Fly reports.

A number of other analysts have also issued reports on the company. Desjardins boosted their price target on Imperial Oil from C$70.00 to C$80.00 in a report on Tuesday, November 8th. National Bank Financial boosted their price target on Imperial Oil from C$73.00 to C$80.00 in a report on Thursday, November 3rd. Royal Bank of Canada boosted their price target on Imperial Oil from C$79.00 to C$81.00 in a report on Tuesday, November 8th. TD Securities lowered Imperial Oil from a buy rating to a hold rating in a report on Tuesday, August 16th. Finally, BMO Capital Markets upgraded Imperial Oil from a market perform rating to an outperform rating and boosted their price target for the company from $54.00 to $85.00 in a report on Friday, October 28th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $73.10.

Imperial Oil Price Performance

Shares of NYSEAMERICAN IMO opened at $55.92 on Monday. The company has a current ratio of 1.32, a quick ratio of 1.09 and a debt-to-equity ratio of 0.24. Imperial Oil has a 1-year low of $31.71 and a 1-year high of $58.99. The company has a market cap of $34.20 billion, a price-to-earnings ratio of 86.03, a P/E/G ratio of 0.31 and a beta of 1.70.

Imperial Oil (NYSEAMERICAN:IMOGet Rating) (TSE:IMO) last released its earnings results on Wednesday, November 2nd. The energy company reported $2.22 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.13. The firm had revenue of $11.67 billion for the quarter, compared to analysts’ expectations of $14.33 billion. Imperial Oil had a return on equity of 8.06% and a net margin of 1.81%. On average, research analysts predict that Imperial Oil will post 2.92 EPS for the current year.

Imperial Oil Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, January 1st. Stockholders of record on Friday, December 2nd will be issued a dividend of $0.3226 per share. This represents a $1.29 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Thursday, December 1st. This is a positive change from Imperial Oil’s previous quarterly dividend of $0.26. Imperial Oil’s dividend payout ratio is currently 160.00%.

Institutional Trading of Imperial Oil

Several hedge funds and other institutional investors have recently made changes to their positions in IMO. FMR LLC increased its position in shares of Imperial Oil by 69.8% in the 2nd quarter. FMR LLC now owns 25,805,937 shares of the energy company’s stock valued at $1,216,479,000 after acquiring an additional 10,607,896 shares during the period. GQG Partners LLC increased its position in shares of Imperial Oil by 31.1% in the 2nd quarter. GQG Partners LLC now owns 9,897,198 shares of the energy company’s stock valued at $465,573,000 after acquiring an additional 2,346,871 shares during the period. Vanguard Group Inc. increased its position in shares of Imperial Oil by 1.6% in the 1st 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 during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Imperial Oil by 8.0% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,534,205 shares of the energy company’s stock valued at $119,458,000 after acquiring an additional 188,300 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Imperial Oil by 5.8% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,592,546 shares of the energy company’s stock valued at $75,025,000 after acquiring an additional 87,121 shares during the period. Hedge funds and other institutional investors own 20.97% of the company’s stock.

About Imperial Oil

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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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