Imperial Oil (TSE:IMO) Stock Rating Lowered by CIBC

Key Points

• CIBC has downgraded Imperial Oil from a "neutral" rating to an "underperform" rating, with a target price of C$110.00, suggesting an 8.71% potential downside from the stock's previous close.
• Multiple analysts have recently issued varying ratings on Imperial Oil, with TD Securities also downgrading to "sell" and Royal Bank of Canada raising its price objective.
• Imperial Oil's stock price declined by C$2.93 to C$120.49, with a one-year range between a low of C$82.98 and a high of C$132.08.

Imperial Oil (TSE:IMO - Get Free Report) NYSEMKT: IMO was downgraded by CIBC from a "neutral" rating to an "underperform" rating in a report issued on Wednesday,BayStreet.CA reports. They currently have a C$110.00 target price on the stock, up from their previous target price of C$108.00. CIBC's price target would suggest a potential downside of 8.71% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. TD Securities downgraded shares of Imperial Oil from a "hold" rating to a "sell" rating and increased their price objective for the company from C$102.00 to C$104.00 in a research note on Tuesday, September 30th. Royal Bank Of Canada increased their price objective on shares of Imperial Oil from C$115.00 to C$117.00 and gave the company a "sector perform" rating in a research note on Tuesday, October 7th. Raymond James Financial downgraded shares of Imperial Oil from a "moderate buy" rating to a "hold" rating and increased their price objective for the company from C$105.00 to C$107.00 in a research note on Thursday, July 3rd. Tudor Pickering downgraded shares of Imperial Oil from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Finally, Wolfe Research downgraded shares of Imperial Oil from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 23rd. Six research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, Imperial Oil currently has a consensus rating of "Reduce" and an average target price of C$105.88.

Imperial Oil Price Performance

Shares of Imperial Oil stock traded down C$2.93 on Wednesday, reaching C$120.49. 426,566 shares of the stock were exchanged, compared to its average volume of 802,958. The firm's 50 day moving average is C$123.11 and its 200-day moving average is C$109.73. Imperial Oil has a one year low of C$82.98 and a one year high of C$132.08. The company has a debt-to-equity ratio of 18.04, a quick ratio of 0.98 and a current ratio of 1.44. The firm has a market cap of C$61.33 billion, a PE ratio of 13.28, a P/E/G ratio of 0.21 and a beta of 1.14.

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.

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