Imperial Oil (TSE:IMO) Cut to “Strong Sell” at Raymond James Financial

Raymond James Financial cut shares of Imperial Oil (TSE:IMO) (NYSEMKT:IMO) from a hold rating to a strong sell rating in a research report sent to investors on Monday morning, MarketBeat.com reports. They currently have C$111.00 target price on the stock, up from their previous target price of C$110.00.

IMO has been the subject of a number of other reports. CIBC lowered Imperial Oil from a “neutral” rating to an “underperform” rating and increased their price target for the company from C$108.00 to C$110.00 in a research note on Wednesday, October 15th. Morgan Stanley increased their target price on Imperial Oil from C$97.00 to C$101.00 in a research report on Thursday, November 20th. Royal Bank Of Canada raised their target price on shares of Imperial Oil from C$115.00 to C$117.00 and gave the company a “sector perform” rating in a report on Tuesday, October 7th. Desjardins boosted their price target on shares of Imperial Oil from C$114.00 to C$120.00 and gave the stock a “sell” rating in a research report on Monday, November 24th. Finally, Cibc World Mkts downgraded shares of Imperial Oil from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Five analysts have rated the stock with a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, Imperial Oil currently has a consensus rating of “Strong Sell” and an average target price of C$110.67.

Imperial Oil Stock Performance

IMO opened at C$126.84 on Monday. The company has a debt-to-equity ratio of 18.04, a quick ratio of 0.98 and a current ratio of 1.44. The stock has a market capitalization of C$63.02 billion, a price-to-earnings ratio of 16.20, a PEG ratio of 0.21 and a beta of 1.04. The company has a fifty day moving average of C$129.50 and a 200 day moving average of C$120.16. Imperial Oil has a fifty-two week low of C$82.98 and a fifty-two week high of C$141.17.

Imperial Oil (TSE:IMO) (NYSEMKT:IMO) last announced its quarterly earnings results on Friday, October 31st. The company reported C$2.17 EPS for the quarter. The business had revenue of C$11.99 billion for the quarter. Imperial Oil had a net margin of 10.00% and a return on equity of 21.23%. As a group, sell-side analysts forecast that Imperial Oil will post 8.6164609 earnings per share for the current fiscal year.

Imperial Oil Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Thursday, January 1st will be given a dividend of $0.72 per share. The ex-dividend date is Wednesday, December 3rd. This represents a $2.88 dividend on an annualized basis and a yield of 2.3%. Imperial Oil’s payout ratio is 35.25%.

About Imperial Oil

Imperial Oil is one of Canada’s largest integrated oil companies, focusing on upstream operations, petroleum refining operations, and the marketing of petroleum products. Production averaged 398 thousand barrels of oil equivalent per day in 2020. The company estimates that it holds 5.2 billion boe of proved and probable crude oil and natural gas reserves.