Tudor, Pickering, Holt on Wednesday maintained its buy rating on the shares of Imperial Oil (IMO.TO, IMO) with a C$115 price target ahead of first-quarter results from the oil producer and refiner.

"Heading into the print, we've modestly lowered our Q1'25 cash flow estimate to TPHe C$1.6B (C$3.13 CFPS vs. our prior C$3.17 and Street C$3.16), primarily driven by Upstream volumes and to a lesser degree a true-up in Chems. Upstream realizations and a true-up for Downstream served as partial offsets, with benchmark pricing relatively stable q/q. Within Upstream, TPHe 422mboepd total volumes were lowered from our prior 459 (Street 452), truing up for nearly a month of severe winter weather. Net of improvements to our realizations, we estimate C$1.3B in Upstream EBITDA (Street C$1.5B). Within Downstream, there was no change to our throughput outlook of 404mbpd (Street 413), though we increased our earnings estimate to C$0.7B (prior C$0.5B and Street C$0.5B) on a true-up to the ~$4/bbl q/q improvement we saw in crack spreads," analyst Jeoffrey Lambujon wrote.

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