Imperial Oil’s (IMO) “Sell” Rating Reaffirmed at CIBC

CIBC reaffirmed their sell rating on shares of Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) in a research report report published on Thursday.

Several other equities research analysts have also commented on the stock. Goldman Sachs Group upgraded shares of Imperial Oil from a sell rating to a buy rating in a research note on Friday, October 19th. GMP Securities upgraded shares of Imperial Oil from a hold rating to a buy rating in a research note on Thursday. Barclays upgraded shares of Imperial Oil from an underweight rating to an equal weight rating in a research note on Wednesday, July 11th. TD Securities restated a hold rating on shares of Imperial Oil in a research note on Thursday. Finally, Royal Bank of Canada restated a hold rating on shares of Imperial Oil in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. Imperial Oil currently has a consensus rating of Hold and a consensus price target of $45.25.

NYSEAMERICAN IMO traded down $0.68 during trading hours on Thursday, reaching $31.05. The company’s stock had a trading volume of 243,969 shares, compared to its average volume of 340,618. Imperial Oil has a 52 week low of $25.91 and a 52 week high of $34.56.

Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) last issued its earnings results on Friday, November 2nd. The energy company reported $0.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.08. The business had revenue of $9.73 billion during the quarter, compared to the consensus estimate of $10.67 billion. During the same period in the prior year, the business earned $0.44 EPS. The business’s revenue was up 36.0% on a year-over-year basis.

Several hedge funds and other institutional investors have recently bought and sold shares of IMO. Cumberland Partners Ltd increased its stake in shares of Imperial Oil by 5,920.8% during the second quarter. Cumberland Partners Ltd now owns 840,504 shares of the energy company’s stock valued at $27,944,000 after acquiring an additional 826,544 shares during the period. Toronto Dominion Bank increased its stake in shares of Imperial Oil by 78.8% during the second quarter. Toronto Dominion Bank now owns 1,558,572 shares of the energy company’s stock valued at $52,534,000 after acquiring an additional 686,675 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Imperial Oil by 69.2% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,372,800 shares of the energy company’s stock valued at $45,605,000 after acquiring an additional 561,400 shares during the period. Hexavest Inc. acquired a new position in shares of Imperial Oil during the second quarter valued at approximately $10,454,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Imperial Oil by 151.9% during the third quarter. JPMorgan Chase & Co. now owns 427,176 shares of the energy company’s stock valued at $13,827,000 after acquiring an additional 257,605 shares during the period.

About Imperial Oil

Imperial Oil Limited explores for, produces, and sells crude oil and natural gas in Canada. The company operates through three segments: Upstream, Downstream, and Chemical. The Upstream segment explores for and produces crude oil, natural gas, synthetic oil, and bitumen. As of December 31, 2017, this segment had 450 million oil-equivalent barrels of proved undeveloped reserves.

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