Wolfe Research Downgrades Imperial Oil to Hold

Wolfe Research has recently downgraded shares of Imperial Oil (TSE:IMO – Free Report) (NYSEMKT:IMO) from a strong-buy rating to a hold rating. This change was communicated in a research note released to investors.

In addition to Wolfe Research's decision, several other analysts have revisited their evaluations of the company. For instance, JPMorgan Chase & Co. raised their price target for Imperial Oil from C$97.00 to C$100.00 on November 13th, while BMO Capital Markets increased their target from C$115.00 to C$120.00 on October 4th. Similarly, the Royal Bank of Canada adjusted their price target from C$99.00 to C$101.00 on November 6th. Furthermore, Raymond James also updated their price target, moving it from C$101.50 to C$104.00 on December 13th, while TD Securities raised their price objective from C$93.00 to C$96.00 on the same day, providing a hold rating for the company. According to data from MarketBeat.com, ten investment analysts currently rate the stock as a hold, and the average rating among them is also ‘Hold’ with a target price averaging C$103.90.

Current Stock Performance

As of Friday, Imperial Oil stocks opened at C$90.02. Over the past year, the shares have reached a low of C$73.81 and a high of C$108.89. The stock has a 50-day moving average of C$99.43 and a 200-day moving average of C$98.13. The company maintains a debt-to-equity ratio of 18.27, a current ratio of 1.40, and a quick ratio of 0.98. Currently, Imperial Oil holds a market capitalization of C$48.24 billion, with a price-to-earnings ratio of 9.44, a PEG ratio of 0.21, and a beta of 1.78.

Dividend Information

Imperial Oil has also declared a quarterly dividend of $0.60 per share, which was paid on January 1st. Shareholders on record as of this date will receive this dividend. The ex-dividend date was set for December 3rd, and this includes an annualized dividend of $2.40, representing a yield of 2.67%. Presently, Imperial Oil’s payout ratio stands at 25.16%.

Insider Activity

In related news, Director Bradley William Corson purchased 4,800 shares of Imperial Oil on December 12th at an average price of C$97.44 per share, totaling approximately C$467,713.92. Currently, insiders own around 71.26% of the company's stock.

About Imperial Oil

Imperial Oil is one of Canada’s leading integrated oil companies, concentrating on exploring oil and natural gas, refining, and marketing petroleum products. The company has reported average production of 398 thousand barrels of oil equivalent daily in 2020 and estimates 5.2 billion barrels of proved and probable oil and natural gas reserves.

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