Imperial Oil Ltd (NYSEAMERICAN:IMO) (TSE:IMO) fell 5.2% during trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $29.86 and last traded at $29.90. 702,378 shares changed hands during mid-day trading, an increase of 86% from the average session volume of 378,525 shares. The stock had previously closed at $31.53.
The energy company reported $0.41 EPS for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.25). The company had revenue of $6.36 billion during the quarter, compared to analyst estimates of $5.77 billion. Imperial Oil had a net margin of 5.19% and a return on equity of 5.95%. During the same quarter in the previous year, the firm earned $1.70 earnings per share.
IMO has been the subject of several analyst reports. Canaccord Genuity reiterated a “hold” rating and set a $45.00 price objective on shares of Imperial Oil in a research report on Thursday, November 2nd. Barclays downgraded Imperial Oil from an “overweight” rating to an “underweight” rating in a research report on Thursday, November 2nd. Morgan Stanley boosted their price objective on Imperial Oil from $36.00 to $42.00 and gave the stock an “underweight” rating in a research report on Friday, October 13th. Royal Bank of Canada upgraded Imperial Oil from an “underperform” rating to a “sector perform” rating in a research report on Wednesday. Finally, Tudor Pickering upgraded Imperial Oil to a “hold” rating in a research report on Monday, January 8th. Five analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $41.20.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in IMO. Wells Fargo & Company MN lifted its position in Imperial Oil by 12.5% in the second quarter. Wells Fargo & Company MN now owns 89,663 shares of the energy company’s stock worth $2,616,000 after purchasing an additional 9,944 shares during the period. Alliancebernstein L.P. increased its holdings in shares of Imperial Oil by 18.5% in the second quarter. Alliancebernstein L.P. now owns 54,868 shares of the energy company’s stock valued at $1,601,000 after buying an additional 8,559 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Imperial Oil by 12.3% in the second quarter. Ameriprise Financial Inc. now owns 8,222 shares of the energy company’s stock valued at $241,000 after buying an additional 900 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Imperial Oil by 0.5% in the second quarter. PNC Financial Services Group Inc. now owns 33,488 shares of the energy company’s stock valued at $977,000 after buying an additional 152 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Imperial Oil by 0.9% in the second quarter. Northern Trust Corp now owns 428,847 shares of the energy company’s stock valued at $12,513,000 after buying an additional 3,697 shares in the last quarter.
The stock has a market cap of $24,840.00, a price-to-earnings ratio of 63.62 and a beta of 0.86.
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About Imperial Oil
Imperial Oil Limited is an integrated oil company. The Company is engaged in all the phases of the petroleum industry in Canada, including exploration for, and production and sale of, crude oil and natural gas. Its operations are conducted in three segments: Upstream, Downstream and Chemical. The Upstream operations include the exploration for, and production of, crude oil, natural gas, synthetic oil and bitumen.
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