Short Interest in Imperial Oil Limited (NYSEAMERICAN:IMO) Declines By 22.3%

Imperial Oil Limited (NYSEAMERICAN:IMOGet Rating) (TSE:IMO) was the recipient of a significant decline in short interest in December. As of December 30th, there was short interest totalling 8,630,000 shares, a decline of 22.3% from the December 15th total of 11,110,000 shares. Based on an average daily volume of 506,200 shares, the short-interest ratio is presently 17.0 days. Currently, 4.4% of the company’s stock are short sold.

Institutional Investors Weigh In On Imperial Oil

A number of institutional investors and hedge funds have recently made changes to their positions in IMO. ACG Wealth purchased a new stake in shares of Imperial Oil in the second quarter valued at about $30,000. BNP Paribas Arbitrage SNC purchased a new position in Imperial Oil during the third quarter worth about $35,000. Twin Tree Management LP purchased a new position in Imperial Oil during the second quarter worth about $69,000. Venture Visionary Partners LLC purchased a new position in Imperial Oil during the second quarter worth about $85,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Imperial Oil by 1,250.8% during the third quarter. EverSource Wealth Advisors LLC now owns 2,553 shares of the energy company’s stock worth $111,000 after purchasing an additional 2,364 shares in the last quarter. 20.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. downgraded shares of Imperial Oil from a “neutral” rating to an “underweight” rating in a research note on Monday, December 5th. National Bank Financial boosted their target price on shares of Imperial Oil from C$80.00 to C$85.00 in a research note on Wednesday, January 11th. Credit Suisse Group boosted their target price on shares of Imperial Oil from C$72.00 to C$80.00 in a research note on Monday, November 21st. BMO Capital Markets raised shares of 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 research report on Friday, October 28th. Finally, Scotiabank reduced their price target on shares of Imperial Oil from C$78.00 to C$72.00 in a research report on Tuesday. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Imperial Oil currently has an average rating of “Hold” and an average target price of $77.44.

Imperial Oil Price Performance

Shares of IMO opened at $50.79 on Friday. Imperial Oil has a 1-year low of $38.31 and a 1-year high of $58.99. The firm has a market capitalization of $29.67 billion, a P/E ratio of 6.65, a P/E/G ratio of 0.24 and a beta of 1.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.23 and a quick ratio of 1.06.

Imperial Oil (NYSEAMERICAN:IMOGet Rating) (TSE:IMO) last announced 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. Imperial Oil had a net margin of 11.14% and a return on equity of 28.06%. The business had revenue of $11.67 billion during the quarter, compared to analysts’ expectations of $14.33 billion. As a group, equities analysts expect that Imperial Oil will post 7.57 EPS for the current fiscal year.

Imperial Oil Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, January 1st. Stockholders of record on Friday, December 2nd were issued a $0.3226 dividend. This represents a $1.29 dividend on an annualized basis and a dividend yield of 2.54%. This is a boost from Imperial Oil’s previous quarterly dividend of $0.26. The ex-dividend date was Thursday, December 1st. Imperial Oil’s dividend payout ratio is presently 17.15%.

Imperial Oil Company Profile

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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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