Imperial Oil (IMO) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) from a hold rating to a buy rating in a report issued on Tuesday morning. They currently have $38.00 target price on the energy company’s stock.
According to Zacks, “Imperial Oil has been upgraded to a ‘Buy’ on the back of certain tailwinds. Being one of the leading integrated oil companies in Canada, it has operations all across the hydrocarbon value chain, providing it with a high level of stability and reducing its risk profile. Especially, with the widening crude oil price differentials in Canada impacting upstream revenues, IMO’s downstream and chemical segments have acted as a booster. Ramp-up activities in the company’s upstream and downstream assets is expected to further augment its income and revenues. IMO’s 2018 oil output is anticipated to record an annual growth of around 7%. Balance sheet strength and investor-friendly moves are other positives. In 2018, company increased its payout for the 24th consecutive year. It also renewed its share repurchase program to buy 40 million shares till June 2019, as a show of confidence in its cash-generating ability.”
Other research analysts have also issued reports about the stock. TheStreet upgraded shares of Imperial Oil from a c rating to a b- rating in a research report on Friday, October 5th. Barclays raised shares of Imperial Oil from an underweight rating to an equal weight rating in a report on Wednesday, July 11th. Finally, CIBC began coverage on shares of Imperial Oil in a report on Friday, October 5th. They set a sector underperform rating for the company. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $43.60.
Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) last released its quarterly earnings results on Friday, July 27th. The energy company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.26). The firm had revenue of $9.54 billion for the quarter, compared to analysts’ expectations of $9 billion. Imperial Oil had a negative net margin of 1.70% and a negative return on equity of 2.22%. The firm’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) earnings per share.
Several hedge funds and other institutional investors have recently bought and sold shares of IMO. Wolverine Asset Management LLC bought a new stake in shares of Imperial Oil during the 2nd quarter worth $166,000. Quantbot Technologies LP lifted its holdings in shares of Imperial Oil by 114.1% during the 1st quarter. Quantbot Technologies LP now owns 6,752 shares of the energy company’s stock worth $178,000 after acquiring an additional 3,598 shares during the last quarter. Creative Planning bought a new stake in shares of Imperial Oil during the 2nd quarter worth $209,000. Oppenheimer & Co. Inc. bought a new stake in shares of Imperial Oil during the 2nd quarter worth $229,000. Finally, Fruth Investment Management bought a new stake in shares of Imperial Oil during the 3rd quarter worth $246,000.
Imperial Oil Company Profile
Imperial Oil Limited explores for, produces, and sells crude oil and natural gas in Canada. The company operates through three segments: Upstream, Downstream, and Chemical. The Upstream segment explores for and produces crude oil, natural gas, synthetic oil, and bitumen. As of December 31, 2017, this segment had 450 million oil-equivalent barrels of proved undeveloped reserves.
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