Imperial Oil Ltd (IMO) Short Interest Update

Imperial Oil Ltd (NYSEAMERICAN:IMO) (TSE:IMO) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 7,465,747 shares, a decrease of 19.6% from the October 15th total of 9,283,054 shares. Based on an average daily trading volume, of 372,678 shares, the days-to-cover ratio is currently 20.0 days.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IMO. Cumberland Partners Ltd raised its position 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 worth $27,944,000 after purchasing an additional 826,544 shares during the period. Toronto Dominion Bank raised its position 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 worth $52,534,000 after purchasing an additional 686,675 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position 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 worth $45,605,000 after purchasing an additional 561,400 shares during the period. Hexavest Inc. acquired a new stake in shares of Imperial Oil during the second quarter worth about $10,454,000. Finally, JPMorgan Chase & Co. raised its position 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 worth $13,827,000 after purchasing an additional 257,605 shares during the period.

NYSEAMERICAN IMO opened at $31.05 on Friday. Imperial Oil has a one year low of $25.91 and a one year high of $34.56.

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

Several research firms have weighed in on IMO. CIBC reissued a “sell” rating on shares of Imperial Oil in a research note on Thursday. BMO Capital Markets reissued an “average” rating and issued a $48.00 target price on shares of Imperial Oil in a research note on Thursday. TD Securities reissued a “hold” rating on shares of Imperial Oil in a research note on Thursday. GMP Securities raised Imperial Oil from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, Royal Bank of Canada reissued 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 given a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $45.25.

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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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