Imperial Oil (TSE:IMO) Hits New 12-Month High - What's Next?

Key Points

• Imperial Oil's stock reached a new 52-week high, trading at C$119.54 during mid-day, with a recent price of C$118.08.
• The company's quarterly dividend has increased to $0.74 per share, reflecting a positive change from the previous dividend of $0.72, representing a yield of 2.5%.
• Several analysts have downgraded Imperial Oil's stock rating from "buy" to "hold," with an average target price now at C$104.11.

Imperial Oil Limited (TSE:IMO - Get Free Report) NYSEMKT: IMO's stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$119.54 and last traded at C$118.08, with a volume of 338765 shares traded. The stock had previously closed at C$116.96.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on IMO shares. TD Securities decreased their price target on Imperial Oil from C$94.00 to C$92.00 and set a "hold" rating for the company in a research note on Monday, April 21st. Raymond James Financial cut Imperial Oil from a "moderate buy" rating to a "hold" rating and increased their price target for the stock from C$105.00 to C$107.00 in a research note on Thursday, July 3rd. Wolfe Research lowered Imperial Oil from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 23rd. Tudor Pickering lowered Imperial Oil from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Finally, Desjardins lowered Imperial Oil from a "hold" rating to a "strong sell" rating in a report on Tuesday, June 3rd. Two analysts have rated the stock with a sell rating and seven have given a hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of C$104.11.

Imperial Oil Stock Performance

The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 18.04. The firm has a 50-day simple moving average of C$109.47 and a two-hundred day simple moving average of C$101.44. The company has a market capitalization of C$61.37 billion, a price-to-earnings ratio of 12.63, a price-to-earnings-growth ratio of 0.21 and a beta of 1.78.

Imperial Oil Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Thursday, September 4th will be issued a dividend of $0.74 per share. This is a positive change from Imperial Oil's previous quarterly dividend of $0.72. This represents a $2.96 dividend on an annualized basis and a dividend yield of 2.5%. Imperial Oil's dividend payout ratio is currently 25.78%.

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.

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