Imperial Oil Shares Downgraded to Hold by Wolfe Research

Wolfe Research has made a notable change regarding Imperial Oil shares (TSE:IMO – Free Report) (NYSEMKT:IMO), downgrading their rating from strong-buy to hold in a research note released to investors on Friday. This information comes from reports by Zacks.com.

In addition to Wolfe Research's downgrade, other analysts have also provided insights on Imperial Oil. JPMorgan Chase & Co. recently revised their price target for the stocks, increasing it from C$97.00 to C$100.00, as stated in a report dated November 13. BMO Capital Markets similarly raised their target price from C$115.00 to C$120.00 on October 4. Moreover, Royal Bank of Canada adjusted their price target for Imperial Oil shares from C$99.00 to C$101.00 on November 6. Raymond James also increased their target from C$101.50 to C$104.00 in a report on December 13. Lastly, TD Securities raised their price objective from C$93.00 to C$96.00 and assigned a hold rating, also reported on December 13. Overall, ten analysts have currently rated the stock with a hold status, resulting in an average rating of "Hold" and an average target price of C$103.90, according to MarketBeat.com.

Imperial Oil Stock Performance

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

Dividend Information

In recent developments, 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. The ex-dividend date for this distribution was December 3. This payout translates to an annualized dividend of $2.40, resulting in a dividend yield of 2.67%. The current payout ratio for Imperial Oil stands at 25.16%.

Insider Trading Activity

In related news, Director Bradley William Corson bought 4,800 shares of Imperial Oil on December 12, at an average price of C$97.44 per share, amounting to a total purchase value of C$467,713.92. Notably, insiders hold 71.26% of the company's stock.

About Imperial Oil

Imperial Oil is among Canada's leading integrated oil companies, engaged in upstream operations, petroleum refining, and marketing of petroleum products. In the year 2020, the company produced an average of 398 thousand barrels of oil equivalent daily and holds an estimated 5.2 billion barrels of proved and probable crude oil and natural gas reserves.

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