Desjardins Forecasts Strong Price Appreciation for Imperial Oil (TSE:IMO) Stock

Key Points

• Desjardins raised Imperial Oil’s price target to C$172 from C$165 but maintained a “hold” rating, implying 9.08% downside from the previous close.
• Analyst sentiment remains cautious: five analysts rate the stock “hold” and four rate it “sell,” resulting in an average “reduce” rating and a consensus price target of C$150.82.
• Imperial Oil shares traded at C$189.18, near their 52-week high of C$192.40. The company reported quarterly EPS of C$4.52 on C$15.98 billion in revenue, with an 18.76% return on equity.

Imperial Oil (TSE:IMO - Get Free Report) NYSEMKT: IMO had its target price raised by research analysts at Desjardins from C$165.00 to C$172.00 in a research note issued on Tuesday, BayStreet reports. The firm currently has a "hold" rating on the stock. Desjardins' price target would indicate a potential downside of 9.08% from the stock's previous close.

A number of other analysts also recently commented on IMO. JPMorgan Chase & Co. increased their price objective on shares of Imperial Oil from C$149.00 to C$158.00 in a report on Tuesday, July 14th. National Bank Financial boosted their target price on Imperial Oil from C$207.00 to C$213.00 and gave the stock a "sector perform" rating in a report on Tuesday. Scotiabank upgraded Imperial Oil to a "hold" rating in a research report on Friday, June 26th. Scotia dropped their price target on Imperial Oil from C$159.00 to C$156.00 and set a "sector perform" rating for the company in a research report on Wednesday, August 5th. Finally, UBS Group increased their price target on Imperial Oil from C$195.00 to C$205.00 in a report on Monday, September 14th. Five equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of C$150.82.

Imperial Oil Price Performance

Shares of Imperial Oil stock traded down C$1.65 during trading hours on Tuesday, reaching C$189.18. 646,621 shares of the company's stock were exchanged, compared to its average volume of 827,362. Imperial Oil has a 1 year low of C$114.75 and a 1 year high of C$192.40. The company has a market capitalization of C$91.49 billion, a P/E ratio of 22.10, a price-to-earnings-growth ratio of 0.21 and a beta of 0.62. The business has a fifty day moving average of C$181.29 and a two-hundred day moving average of C$176.08. The company has a quick ratio of 0.98, a current ratio of 1.38 and a debt-to-equity ratio of 17.11.

Imperial Oil (TSE:IMO - Get Free Report) NYSEMKT: IMO last issued its earnings results on Friday, July 31st. The company reported C$4.52 EPS for the quarter. Imperial Oil had a net margin of 7.81% and a return on equity of 18.76%. The business had revenue of C$15.98 billion during the quarter. As a group, research analysts predict that Imperial Oil will post 8.62 earnings per share for the current fiscal year.

About Imperial Oil

Imperial Oil is one of Canada's largest integrated oil companies, focusing on upstream operations, petroleum refining operations, and the marketing of petroleum products. Production averaged 398 thousand barrels of oil equivalent per day in 2020. The company estimates that it holds 5.2 billion boe of proved and probable crude oil and natural gas reserves. Imperial remains the largest refiner of petroleum products in Canada, operating three refineries with a combined processing capacity of 421 mboe/d.

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