Thu Sep 19 05:45:57 UTC 2024: ## Imperial Oil’s Target Price Cut by Royal Bank of Canada

**Toronto, Canada (Sept 19, 2024)** – Imperial Oil (TSE:IMO), a leading Canadian energy company, saw its target price reduced by Royal Bank of Canada (RBC) to C$99.00 from C$108.00. This represents a potential upside of 8.61% from the company’s recent closing price.

The price target reduction comes amid a mixed sentiment towards Imperial Oil from other analysts. While Wolfe Research upgraded the stock to a “strong-buy” rating, Scotiabank and Raymond James lowered their target prices. Meanwhile, Desjardins and TD Securities maintained a “hold” rating but increased their price targets.

Overall, Imperial Oil currently boasts a “Hold” consensus rating based on nine “hold” and two “strong-buy” ratings, according to MarketBeat. The average target price sits at C$99.69.

Imperial Oil’s recent earnings report, released on August 2nd, showed a positive result, with earnings per share exceeding analyst expectations by C$0.17. The company reported C$2.11 per share, compared to the anticipated C$1.94. However, revenue came in slightly lower than expected, reaching C$13.38 billion against an estimated C$14.30 billion.

Despite the mixed signals, Imperial Oil remains a significant player in the Canadian energy sector. The company operates in exploration, production, and sale of crude oil and natural gas, focusing on the Canadian market. Investors are closely watching how the company navigates the evolving energy landscape and its impact on future performance.

Read More