Zacks Investment Research Downgrades Imperial Oil Ltd (NYSEMKT:IMO) to Sell

Zacks Investment Research lowered shares of Imperial Oil Ltd (NYSEMKT:IMO) (TSE:IMO) from a hold rating to a sell rating in a report published on Wednesday, July 12th.

According to Zacks, “Imperial Oil is Canada’s largest integrated petroleum company. Its operations, conducted under the Esso banner, are concentrated in the exploration and production of oil and natural gas, refining and marketing petroleum products, and in the manufacture and sale of petrochemicals. The company has approximately 7,500 employees in two operating divisions. “

Other equities research analysts have also issued research reports about the stock. UBS AG upgraded shares of Imperial Oil from a market perform rating to an outperform rating in a research note on Monday, April 10th. Barclays PLC raised shares of Imperial Oil from an equal weight rating to an overweight rating in a report on Tuesday, July 11th. National Bank Financial assumed coverage on shares of Imperial Oil in a report on Tuesday, June 27th. They issued a sector perform rating for the company. ValuEngine raised shares of Imperial Oil from a sell rating to a hold rating in a report on Thursday, May 11th. Finally, TheStreet downgraded shares of Imperial Oil from a b- rating to a c+ rating in a report on Tuesday, March 14th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $44.78.

Shares of Imperial Oil (NYSEMKT IMO) traded up 0.24% on Wednesday, hitting $28.76. The stock had a trading volume of 232,516 shares. The company’s 50-day moving average price is $29.13 and its 200 day moving average price is $30.06. The firm has a market cap of $24.28 billion, a P/E ratio of 11.35 and a beta of 1.14. Imperial Oil has a 12-month low of $27.59 and a 12-month high of $36.85.

Imperial Oil (NYSEMKT:IMO) (TSE:IMO) last issued its quarterly earnings results on Friday, July 28th. The energy company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by $0.30. The company had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $8.40 billion. Imperial Oil had a net margin of 4.76% and a return on equity of 5.31%. The company’s quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.21) earnings per share. On average, equities research analysts forecast that Imperial Oil will post $1.12 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 1st will be given a dividend of $0.1279 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.51 annualized dividend and a dividend yield of 1.77%. This is a boost from Imperial Oil’s previous quarterly dividend of $0.12. Imperial Oil’s payout ratio is currently 170.37%.

Several institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP acquired a new stake in Imperial Oil during the first quarter valued at approximately $129,000. Pacad Investment Ltd. raised its stake in Imperial Oil by 46.9% in the second quarter. Pacad Investment Ltd. now owns 7,200 shares of the energy company’s stock valued at $210,000 after buying an additional 2,300 shares during the last quarter. Albert D Mason Inc. raised its stake in Imperial Oil by 0.4% in the first quarter. Albert D Mason Inc. now owns 7,183 shares of the energy company’s stock valued at $219,000 after buying an additional 30 shares during the last quarter. Nexus Investment Management Inc. acquired a new stake in Imperial Oil during the second quarter valued at approximately $227,000. Finally, Ameriprise Financial Inc. raised its stake in 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 during the last quarter.

Imperial Oil Company Profile

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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