Imperial Oil Limited (NYSEAMERICAN:IMO) Receives $105.50 Average PT from Brokerages

Key Points

• Imperial Oil Limited has received an average recommendation of "Reduce" from nine research firms, with three sell ratings, five hold ratings, and one buy rating.
• Institutional investors currently own 20.74% of Imperial Oil, with significant increases in positions from firms like Bessemer Group and LPL Financial in the first quarter.
• The company’s stock price is currently up 3.5% to $87.37, with a market cap of $44.26 billion and a 1-year target price set at $105.50.

Shares of Imperial Oil Limited (NYSEAMERICAN:IMO - Get Free Report) TSE: IMO have been given an average rating of "Reduce" by the nine brokerages that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $105.50.

IMO has been the subject of a number of analyst reports. Tudor Pickering downgraded shares of Imperial Oil from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Wolfe Research cut shares of Imperial Oil from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 23rd. BMO Capital Markets reiterated an "outperform" rating on shares of Imperial Oil in a research note on Monday, August 4th. Raymond James Financial cut shares of Imperial Oil from a "moderate buy" rating to a "hold" rating in a research note on Thursday, July 3rd. Finally, Desjardins cut shares of Imperial Oil from a "hold" rating to a "strong sell" rating in a research note on Tuesday, June 3rd.

Institutional Trading of Imperial Oil

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its stake in Imperial Oil by 395.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,546,520 shares of the energy company's stock worth $328,804,000 after purchasing an additional 3,629,568 shares in the last quarter. Bank of America Corp DE increased its position in Imperial Oil by 31.6% in the 2nd quarter. Bank of America Corp DE now owns 2,945,528 shares of the energy company's stock valued at $234,111,000 after acquiring an additional 707,985 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Imperial Oil by 273.2% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 658,949 shares of the energy company's stock worth $47,607,000 after acquiring an additional 482,393 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Imperial Oil by 1,233.1% during the first quarter. Canada Pension Plan Investment Board now owns 498,056 shares of the energy company's stock worth $35,983,000 after acquiring an additional 460,696 shares in the last quarter. Finally, Bank of Montreal Can lifted its position in shares of Imperial Oil by 16.2% during the second quarter. Bank of Montreal Can now owns 3,235,443 shares of the energy company's stock valued at $257,194,000 after purchasing an additional 451,369 shares in the last quarter. Institutional investors own 20.74% of the company's stock.

Imperial Oil Trading Up 0.8%

IMO traded up $0.70 during mid-day trading on Friday, hitting $90.52. The stock had a trading volume of 116,725 shares, compared to its average volume of 447,415. The stock's fifty day simple moving average is $82.96 and its 200-day simple moving average is $74.10. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.58 and a quick ratio of 1.34. The firm has a market capitalization of $45.86 billion, a price-to-earnings ratio of 13.95 and a beta of 0.92. Imperial Oil has a 1-year low of $58.76 and a 1-year high of $90.53.

Imperial Oil Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Thursday, September 4th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Thursday, September 4th. This is a positive change from Imperial Oil's previous quarterly dividend of $0.52. Imperial Oil's payout ratio is presently 31.87%.

Imperial Oil Company Profile

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 and produces crude oil, natural gas, synthetic crude oil, and bitumen. The Downstream segment transports and refines crude oil, blends refined products, and distributes and markets of refined products.