Imperial Oil Limited (NYSEAMERICAN:IMO – Get Rating) (TSE:IMO) – Investment analysts at Zacks Research cut their Q2 2023 earnings per share estimates for shares of Imperial Oil in a research note issued on Monday, May 15th. Zacks Research analyst N. Choudhury now expects that the energy company will post earnings of $1.26 per share for the quarter, down from their previous forecast of $1.35. The consensus estimate for Imperial Oil’s current full-year earnings is $5.73 per share. Zacks Research also issued estimates for Imperial Oil’s Q1 2024 earnings at $1.42 EPS.
Several other research firms have also weighed in on IMO. Raymond James boosted their target price on Imperial Oil from C$70.00 to C$74.00 in a report on Wednesday, February 1st. Scotiabank upgraded Imperial Oil from a “sector perform” rating to a “sector outperform” rating in a report on Tuesday, March 21st. CIBC cut their price target on Imperial Oil from C$80.00 to C$76.00 in a report on Tuesday, January 17th. StockNews.com lowered Imperial Oil from a “buy” rating to a “hold” rating in a report on Monday, May 1st. Finally, Royal Bank of Canada lowered Imperial Oil from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $82.00 to $78.00 in a report on Wednesday, April 12th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $79.00.
Imperial Oil Stock Down 1.5 %
Imperial Oil (NYSEAMERICAN:IMO – Get Rating) (TSE:IMO) last announced its quarterly earnings results on Friday, April 28th. The energy company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.13. The business had revenue of $8.96 billion during the quarter, compared to analyst estimates of $11.38 billion. Imperial Oil had a return on equity of 31.73% and a net margin of 12.30%.
Imperial Oil Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Saturday, July 1st. Shareholders of record on Friday, June 2nd will be given a $0.3674 dividend. This represents a $1.47 dividend on an annualized basis and a yield of 3.24%. This is a boost from Imperial Oil’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Thursday, June 1st. Imperial Oil’s dividend payout ratio is 14.64%.
Institutional Trading of Imperial Oil
A number of large investors have recently bought and sold shares of IMO. BNP Paribas Arbitrage SNC bought a new stake in shares of Imperial Oil during the third quarter worth $35,000. Spire Wealth Management boosted its holdings in Imperial Oil by 189.6% in the first quarter. Spire Wealth Management now owns 724 shares of the energy company’s stock valued at $37,000 after acquiring an additional 474 shares during the last quarter. Baldwin Brothers LLC MA bought a new position in Imperial Oil in the fourth quarter valued at about $44,000. CWM LLC boosted its holdings in Imperial Oil by 93.3% in the fourth quarter. CWM LLC now owns 978 shares of the energy company’s stock valued at $48,000 after acquiring an additional 472 shares during the last quarter. Finally, Pacifica Partners Inc. bought a new position in Imperial Oil in the first quarter valued at about $54,000. 20.18% of the stock is currently owned by institutional investors.
About Imperial Oil
Imperial Oil Ltd. engages in the exploration, production, and sale of crude oil and natural gas. It operates through the following business segments: Upstream, Downstream, Chemical, and Corporate and Other. The Upstream segment includes the exploration and production of crude oil, natural gas, synthetic oil, and bitumen.
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