Imperial Oil (NYSEAMERICAN:IMO) Hits New 52-Week High - Still a Buy?

Key Points

• Imperial Oil shares reached a new 52-week high of $86.91 amid trading, closing slightly lower at $86.19.
• Analysts have shown a mixed outlook, with Desjardins and others downgrading the stock to a "strong sell" and "hold" ratings, while BMO Capital Markets maintains an "outperform" rating.
• The stock currently holds an average rating of "Hold" with a consensus target price of $105.50, indicating potential for future growth despite recent downgrades.

Shares of Imperial Oil Limited (NYSEAMERICAN:IMO - Get Free Report) TSE: IMO reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $86.91 and last traded at $86.19, with a volume of 23188 shares trading hands. The stock had previously closed at $84.91.

Analysts Set New Price Targets

Several research analysts have weighed in on IMO shares. Desjardins downgraded Imperial Oil from a "hold" rating to a "strong sell" rating in a report on Tuesday, June 3rd. Raymond James Financial downgraded Imperial Oil from a "moderate buy" rating to a "hold" rating in a report on Thursday, July 3rd. BMO Capital Markets reiterated an "outperform" rating on shares of Imperial Oil in a report on Monday. Tudor Pickering downgraded Imperial Oil from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Finally, Wolfe Research downgraded Imperial Oil from an "outperform" rating to a "peer perform" rating in a report on Wednesday, July 23rd. Three analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $105.50.

Imperial Oil Stock Performance

The firm has a market capitalization of $43.68 billion, a P/E ratio of 13.21 and a beta of 0.92. The company's 50 day moving average is $79.97 and its 200-day moving average is $71.71. The company has a quick ratio of 1.22, a current ratio of 1.48 and a debt-to-equity ratio of 0.16.

Institutional Trading of Imperial Oil

Hedge funds have recently added to or reduced their stakes in the stock. Yousif Capital Management LLC purchased a new position in Imperial Oil during the 1st quarter valued at $226,000. Bessemer Group Inc. lifted its stake in Imperial Oil by 198.9% during the 1st quarter. Bessemer Group Inc. now owns 23,690 shares of the energy company's stock valued at $1,713,000 after acquiring an additional 15,765 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Imperial Oil by 8.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 63,193 shares of the energy company's stock worth $3,893,000 after purchasing an additional 5,181 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Imperial Oil by 7.7% in the 1st quarter. Principal Financial Group Inc. now owns 16,796 shares of the energy company's stock worth $1,213,000 after purchasing an additional 1,200 shares during the period. Finally, Vise Technologies Inc. increased its holdings in Imperial Oil by 70.2% in the 4th quarter. Vise Technologies Inc. now owns 13,002 shares of the energy company's stock worth $801,000 after acquiring an additional 5,361 shares in the last quarter. Institutional investors own 20.74% of the company's stock.

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.

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