Imperial Oil (IMO) Lowered to “Hold” at Canaccord Genuity

Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) was downgraded by investment analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a research note issued on Thursday, The Fly reports.

A number of other brokerages also recently weighed in on IMO. Zacks Investment Research downgraded Imperial Oil from a “buy” rating to a “hold” rating in a research note on Thursday, November 29th. TheStreet raised Imperial Oil from a “c” rating to a “b-” rating in a research note on Friday, October 5th. CIBC initiated coverage on Imperial Oil in a research note on Friday, October 5th. They issued a “sector underperform” rating on the stock. BMO Capital Markets reissued an “average” rating and issued a $48.00 price objective on shares of Imperial Oil in a research note on Thursday, November 8th. Finally, Tudor Pickering raised Imperial Oil from a “hold” rating to a “buy” rating in a research note on Thursday, October 11th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $43.20.

Shares of IMO stock opened at $26.65 on Thursday. Imperial Oil has a twelve month low of $24.29 and a twelve month high of $34.56.

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

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Crossmark Global Holdings Inc. grew its holdings in Imperial Oil by 11.5% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 38,033 shares of the energy company’s stock valued at $1,231,000 after buying an additional 3,933 shares during the last quarter. Jefferies Group LLC acquired a new stake in shares of Imperial Oil during the 3rd quarter worth approximately $1,405,000. Jane Street Group LLC grew its holdings in shares of Imperial Oil by 554.5% during the 3rd quarter. Jane Street Group LLC now owns 95,632 shares of the energy company’s stock worth $3,095,000 after purchasing an additional 81,021 shares in the last quarter. Bridgewater Associates LP grew its holdings in shares of Imperial Oil by 6.5% during the 3rd quarter. Bridgewater Associates LP now owns 157,720 shares of the energy company’s stock worth $5,100,000 after purchasing an additional 9,650 shares in the last quarter. Finally, Paloma Partners Management Co acquired a new stake in shares of Imperial Oil during the 3rd quarter worth approximately $984,000.

Imperial Oil Company Profile

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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