Imperial Oil (TSE:IMO) Hits New 52-Week High - Time to Buy?

Key Points

• Imperial Oil's shares reached a new 52-week high of C$118.57 during trading, with a closing price of C$118.34.
• Several analysts have downgraded the stock's rating recently, with a consensus rating of "Hold" and an average price target of C$104.11.
• The company declared a quarterly dividend of $0.72 per share, resulting in an annual dividend of $2.88 and a yield of 2.44%.

Shares of Imperial Oil Limited (TSE:IMO - Get Free Report) NYSEMKT: IMO reached a new 52-week high during trading on Tuesday . The stock traded as high as C$118.57 and last traded at C$118.34, with a volume of 320470 shares trading hands. The stock had previously closed at C$116.74.

Analysts Set New Price Targets

A number of research analysts have recently commented on IMO shares. Wolfe Research cut shares of Imperial Oil from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 23rd. Desjardins downgraded shares of Imperial Oil from a "hold" rating to a "strong sell" rating in a research report on Tuesday, June 3rd. Tudor Pickering downgraded Imperial Oil from a "strong-buy" rating to a "hold" rating in a report on Friday. 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 report on Monday, April 21st. Finally, Raymond James Financial downgraded Imperial Oil from a "moderate buy" rating to a "hold" rating and upped their price target for the stock from C$105.00 to C$107.00 in a report on Thursday, July 3rd. Two investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of C$104.11.

Imperial Oil Stock Performance

The company has a 50-day moving average price of C$107.44 and a two-hundred day moving average price of C$100.68. The stock has a market capitalization of C$61.66 billion, a P/E ratio of 12.69, a PEG ratio of 0.21 and a beta of 1.78. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 18.04.

Imperial Oil Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Tuesday, July 1st were given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 2.44%. The ex-dividend date was Wednesday, June 4th. Imperial Oil's dividend payout ratio is presently 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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