Tudor, Pickering, Holt on Friday maintained its hold rating on the shares of Imperial Oil (IMO.TO, IMO) with a C$115.00 price target following fourth-quarter results from the oil producer and refiner.

"Positive. For the quarter CFPS totaled C$3.19/shr - a beat vs. TPHe/Street C$3.17/C$3.12- with EPS of C$2.37 also better vs. TPHe/Street C$2.25/C$2.12. On the back of previously mentioned accelerated capital at the company's Strathcona Renewable Diesel project (startup mid 2025) and Kearl cost reduction efforts, capital totaled C$423MM for the quarter near consensus C$430MM, with free cash flow of C$1.39B ahead of our ~C$1.2B as we were higher on capex. On the operations front, upstream volumes averaged 460mboepd for the quarter - in-line with the Street (TPHe 462mboepd) - with Kearl and Cold Lake volumes combined in-line at 299mbpd gross and 157mbpd vs. TPHe 298mbpd and 159mbpd respectively, and Syncrude averaging 81mbpd net for the quarter vs. in-line with our est. 81mbpd. While in the downstream, throughput averaged 411bpd vs our estimated 407mbpd with a utilization of 95% for the quarter. On shareholder returns IMO raised the dividend by 20% to C$0.72/shr from C$0.60," analyst Jeoffrey Lambujon noted.

(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)

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