Imperial Oil Downgraded by Wolfe Research to Hold

Wolfe Research has downgraded its rating on shares of Imperial Oil (TSE:IMO – Free Report) (NYSEMKT:IMO) from a strong buy to a hold. This decision was announced in a research note sent to investors on Friday, according to reports.

Several other analysts have also recently provided updates on Imperial Oil. For instance, JPMorgan Chase & Co. raised their price target for the stock from C$97.00 to C$100.00 in a report issued on November 13. Additionally, BMO Capital Markets increased their target price from C$115.00 to C$120.00 on October 4. Royal Bank of Canada adjusted their price target on Imperial Oil shares from C$99.00 to C$101.00 on November 6. Raymond James also raised their target from C$101.50 to C$104.00 on December 13. Lastly, TD Securities increased their price objective from C$93.00 to C$96.00 and assigned a hold rating in a report dated December 13. Overall, ten investment analysts have categorized the stock with a hold rating. According to MarketBeat.com, Imperial Oil has an average rating of “Hold” and an average target price of C$103.90.

Current Stock Performance

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

Dividend Information

Recently, Imperial Oil announced a quarterly dividend that was paid on January 1. Shareholders who were on record as of that date received a dividend of $0.60 per share, with the ex-dividend date falling on December 3. This translates to an annualized dividend of $2.40, resulting in a yield of 2.67%. The payout ratio for Imperial Oil currently stands at 25.16%.

Insider Trading Activity

In related news, Director Bradley William Corson acquired 4,800 shares of Imperial Oil on December 12. The shares were purchased at an average price of C$97.44, amounting to a total value of C$467,713.92. It’s noteworthy that 71.26% of the company's stock is owned by insiders.

About Imperial Oil

Imperial Oil is one of Canada's leading integrated oil companies, primarily engaged in upstream operations, petroleum refining, and the marketing of petroleum products. The company reported an average production of 398 thousand barrels of oil equivalent per day in 2020 and boasts an estimated 5.2 billion barrels of proved and probable crude oil and natural gas reserves.

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