Canaccord Genuity Upgrades Imperial Oil (IMO) to Buy

Canaccord Genuity upgraded shares of Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) from a hold rating to a buy rating in a report published on Tuesday, The Fly reports.

Several other brokerages have also issued reports on IMO. TheStreet raised Imperial Oil from a c rating to a b- rating in a research report on Friday, October 5th. Tudor Pickering raised Imperial Oil from a hold rating to a buy rating in a research report on Thursday, October 11th. Zacks Investment Research raised Imperial Oil from a hold rating to a buy rating and set a $38.00 target price for the company in a research report on Tuesday, October 9th. Barclays raised Imperial Oil from an underweight rating to an equal weight rating in a research report on Wednesday, July 11th. Finally, CIBC assumed coverage on Imperial Oil in a research report on Friday, October 5th. They set a sector underperform rating for the company. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $44.50.

Shares of IMO opened at $33.44 on Tuesday. 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 announced its quarterly earnings results on Friday, July 27th. The energy company reported $0.24 EPS for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.26). Imperial Oil had a negative net margin of 1.70% and a negative return on equity of 2.22%. The firm had revenue of $9.54 billion during the quarter, compared to the consensus estimate of $9 billion. During the same quarter in the previous year, the company posted ($0.09) earnings per share. The firm’s revenue was up 35.7% on a year-over-year basis.

Large investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC bought a new position in Imperial Oil during the 2nd quarter worth $166,000. Creative Planning bought a new position in shares of Imperial Oil in the 2nd quarter worth about $209,000. Oppenheimer & Co. Inc. bought a new position in shares of Imperial Oil in the 2nd quarter worth about $229,000. Fruth Investment Management bought a new position in shares of Imperial Oil in the 3rd quarter worth about $246,000. Finally, Tower Research Capital LLC TRC raised its position in shares of Imperial Oil by 260.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,383 shares of the energy company’s stock worth $279,000 after acquiring an additional 6,060 shares in the last quarter.

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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