Imperial Oil (NYSEAMERICAN:IMO) Stock Rating Reaffirmed by Scotiabank

Scotiabank reaffirmed their sector perform rating on shares of Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) in a research report released on Wednesday, MarketBeat Ratings reports. Scotiabank currently has a $110.00 price target on the energy company’s stock.

IMO has been the subject of a number of other research reports. Wolfe Research initiated coverage on shares of Imperial Oil in a research report on Thursday, July 18th. They set an outperform rating and a $108.00 target price for the company. StockNews.com cut Imperial Oil from a buy rating to a hold rating in a report on Wednesday, August 28th. Finally, Raymond James raised Imperial Oil to a hold rating in a research report on Tuesday, May 28th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Imperial Oil has a consensus rating of Hold and an average target price of $99.50.

Imperial Oil Stock Performance

Shares of Imperial Oil stock opened at $70.29 on Wednesday. Imperial Oil has a one year low of $52.97 and a one year high of $77.70. The firm has a market cap of $37.14 billion, a price-to-earnings ratio of 11.02 and a beta of 1.45. The company has a quick ratio of 1.16, a current ratio of 1.40 and a debt-to-equity ratio of 0.17.

Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) last issued its earnings results on Friday, August 2nd. The energy company reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.11. Imperial Oil had a return on equity of 22.73% and a net margin of 10.05%. The business had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $10.50 billion. On average, equities research analysts forecast that Imperial Oil will post 6.2 earnings per share for the current fiscal year.

Imperial Oil Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Wednesday, September 4th will be issued a $0.4336 dividend. This represents a $1.73 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Wednesday, September 4th. Imperial Oil’s dividend payout ratio is presently 27.90%.

Institutional Investors Weigh In On Imperial Oil

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC purchased a new position in shares of Imperial Oil during the 2nd quarter valued at approximately $3,064,000. US Bancorp DE boosted its stake in Imperial Oil by 91.6% during the 1st quarter. US Bancorp DE now owns 20,210 shares of the energy company’s stock valued at $1,397,000 after acquiring an additional 9,660 shares during the last quarter. Intech Investment Management LLC acquired a new position in Imperial Oil during the 1st quarter worth $720,000. Fiera Capital Corp increased its position in shares of Imperial Oil by 262.5% in the 2nd quarter. Fiera Capital Corp now owns 95,455 shares of the energy company’s stock worth $6,511,000 after purchasing an additional 69,121 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of Imperial Oil by 1,250.9% in the 1st quarter. Bessemer Group Inc. now owns 7,849 shares of the energy company’s stock valued at $542,000 after purchasing an additional 7,268 shares in the last quarter. Hedge funds and other institutional investors own 20.74% of the company’s stock.

Imperial Oil Company Profile

Imperial Oil Limited engages in exploration, production, and sale of crude oil and natural gas in Canada. The company operates through three segments: Upstream, Downstream and Chemical segments. The Upstream segment explores and produces crude oil, natural gas, synthetic crude oil, and bitumen. The Downstream segment transports and refines crude oil, blends refined products, and distributes and markets of refined products.