Raymond James Upgrades Imperial Oil (TSE:IMO) to “Outperform”

Imperial Oil (TSE:IMO) (NYSEMKT:IMO) was upgraded by Raymond James from a “market perform” rating to an “outperform” rating in a report issued on Wednesday,BayStreet.CA reports. The firm currently has a C$104.00 target price on the stock, down from their prior target price of C$108.00. Raymond James’ price target would indicate a potential upside of 14.92% from the stock’s previous close.

Several other research analysts have also recently commented on the stock. Scotiabank upgraded shares of Imperial Oil to a “hold” rating in a research report on Wednesday, March 19th. CIBC lifted their target price on Imperial Oil from C$105.00 to C$108.00 in a research note on Friday, January 17th. TD Securities boosted their price target on Imperial Oil from C$94.00 to C$97.00 and gave the stock a “hold” rating in a research report on Friday, February 21st. The Goldman Sachs Group cut shares of Imperial Oil from a “neutral” rating to a “sell” rating in a research note on Thursday, March 27th. Finally, Wolfe Research downgraded shares of Imperial Oil from a “strong-buy” rating to a “hold” rating in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, Imperial Oil presently has a consensus rating of “Hold” and a consensus price target of C$105.67.

Imperial Oil Stock Performance

Shares of TSE IMO traded up C$4.76 during mid-day trading on Wednesday, hitting C$90.50. The company had a trading volume of 392,721 shares, compared to its average volume of 895,742. Imperial Oil has a 12 month low of C$83.19 and a 12 month high of C$108.89. The stock has a market cap of C$47.24 billion, a price-to-earnings ratio of 9.72, a PEG ratio of 0.21 and a beta of 1.78. The company has a debt-to-equity ratio of 18.04, a current ratio of 1.44 and a quick ratio of 0.98. The firm’s 50 day simple moving average is C$98.26 and its two-hundred day simple moving average is C$99.14.

Imperial Oil Company Profile

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.