Imperial Oil (TSE:IMO) Hits New 52-Week High - Here's Why

Key Points

• Imperial Oil shares reached a new 52-week high of C$125.26, closing at C$124.99 with a volume of 266,439 shares traded.
• The company recently increased its quarterly dividend to $0.74 per share, up from $0.72, reflecting a 2.4% yield.
• Analysts have varying opinions on the stock, with eight rating it as a "Hold" and two as a "Sell," while the consensus target price stands at C$106.00.

Shares of Imperial Oil Limited (TSE:IMO - Get Free Report) NYSEMKT: IMO hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$125.26 and last traded at C$124.99, with a volume of 266439 shares traded. The stock had previously closed at C$120.85.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on IMO shares. Desjardins downgraded shares of Imperial Oil from a "hold" rating to a "strong sell" rating in a research report on Tuesday, June 3rd. Raymond James Financial cut shares of Imperial Oil from a "moderate buy" rating to a "hold" rating and increased their target price for the stock from C$105.00 to C$107.00 in a research note on Thursday, July 3rd. Tudor Pickering cut shares of Imperial Oil from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. TD Securities increased their target price on shares of Imperial Oil from C$95.00 to C$102.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Finally, Wolfe Research cut shares of Imperial Oil from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 23rd. Eight analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Reduce" and a consensus price target of C$106.00.

Imperial Oil Stock Performance

The business's fifty day simple moving average is C$117.25 and its 200-day simple moving average is C$105.45. The firm has a market cap of C$64.13 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 0.21 and a beta of 1.21. The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 18.04.

Imperial Oil Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, October 1st will be given a $0.74 dividend. The ex-dividend date is Thursday, September 4th. This is an increase 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 2.3%. Imperial Oil's dividend payout ratio (DPR) is currently 29.11%.

Imperial Oil Company Profile

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.