Tudor, Pickering, Holt on Tuesday maintained its hold rating on the shares of Imperial Oil (IMO.TO, IMO) with a C$115.00 price target ahead of fourth-quarter results from the oil producer and refiner.
"Heading into earnings, our model sits slightly ahead of Street on Q4 results, particularly in Upstream. We model TPHe C$3.17 CFPS vs. Street C$3.09, with the delta owing in our model owing to Upstream earnings (TPHe C$1.7B vs. Street C$1.6B), with our Downstream and Chems more in-line. On ops results, we model 462mboepd of Upstream production vs. Street 463 and 407mbpd of downstream throughput in-line with Street, The C$489MM capex vs. Street C$405MM. Big picture, with the market having had some time to digest the past two updates that included capex above expectations, we think the operational momentum that has continued through Q4, plus a potential kicker of an SIB in H1 may bubble up in topicality," analyst Jeoffrey Lambujon wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 101.29, Change: +1.93, Percent Change: +1.94
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