CIBC Forecasts Strong Price Appreciation for Imperial Oil (TSE:IMO) Stock

Imperial Oil (TSE:IMO) (NYSEMKT:IMO) had its price objective upped by equities researchers at CIBC from C$105.00 to C$108.00 in a research note issued on Friday,BayStreet.CA reports. CIBC’s target price would suggest a potential upside of 9.34% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. Scotiabank downgraded shares of Imperial Oil from an “outperform” rating to a “sector perform” rating and set a C$110.00 price objective for the company. in a research report on Wednesday, September 25th. JPMorgan Chase & Co. raised their price objective on shares of Imperial Oil from C$97.00 to C$100.00 in a research report on Wednesday, November 13th. Wolfe Research downgraded shares of Imperial Oil from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 3rd. BMO Capital Markets raised their price objective on shares of Imperial Oil from C$115.00 to C$120.00 in a research report on Friday, October 4th. Finally, Raymond James raised their price objective on shares of Imperial Oil from C$101.50 to C$104.00 in a research report on Friday, December 13th. Ten analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Imperial Oil presently has a consensus rating of “Hold” and an average price target of C$104.20.

Imperial Oil Stock Performance

Shares of IMO traded down C$0.03 during mid-day trading on Friday, hitting C$98.77. 487,705 shares of the company’s stock were exchanged, compared to its average volume of 1,053,390. Imperial Oil has a fifty-two week low of C$73.81 and a fifty-two week high of C$108.89. The firm has a market capitalization of C$52.92 billion, a P/E ratio of 10.35, a P/E/G ratio of 0.21 and a beta of 1.78. The business’s 50 day moving average is C$98.08 and its two-hundred day moving average is C$98.39. The company has a current ratio of 1.40, a quick ratio of 0.98 and a debt-to-equity ratio of 18.27.

Insider Buying and Selling

In other Imperial Oil news, Director Bradley William Corson purchased 4,800 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was bought at an average cost of C$97.44 per share, for a total transaction of C$467,713.92. Insiders own 71.26% of the company’s stock.

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.