Imperial Oil (TSE:IMO) Price Target Raised to C$89.00

Imperial Oil (TSE:IMO) (NYSEMKT:IMO) had its price objective hoisted by Desjardins from C$85.00 to C$89.00 in a research report released on Tuesday morning,BayStreet.CA reports. Desjardins currently has a hold rating on the stock.

A number of other research analysts have also issued reports on the company. Wolfe Research upgraded Imperial Oil from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 21st. Raymond James raised shares of Imperial Oil from a “market perform” rating to an “outperform” rating and reduced their price objective for the stock from C$108.00 to C$104.00 in a report on Wednesday, April 9th. National Bankshares boosted their price target on shares of Imperial Oil from C$109.00 to C$110.00 and gave the stock a “sector perform” rating in a research report on Thursday, January 30th. CIBC upped their price target on shares of Imperial Oil from C$105.00 to C$108.00 in a research note on Friday, January 17th. Finally, Scotiabank upgraded shares of Imperial Oil to a “hold” rating in a research note on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Imperial Oil presently has a consensus rating of “Hold” and a consensus price target of C$103.78.

Imperial Oil Price Performance

TSE IMO opened at C$96.65 on Tuesday. The company has a 50-day moving average price of C$95.06 and a two-hundred day moving average price of C$97.70. Imperial Oil has a 52 week low of C$82.98 and a 52 week high of C$108.89. The stock has a market cap of C$50.46 billion, a price-to-earnings ratio of 10.38, a price-to-earnings-growth ratio of 0.21 and a beta of 1.78. The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 18.04.

Imperial Oil Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st were given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend was Wednesday, March 5th. This is an increase from Imperial Oil’s previous quarterly dividend of $0.60. Imperial Oil’s dividend payout ratio is 25.78%.

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.