Imperial Oil Ltd (IMO) Sees Large Decline in Short Interest

Imperial Oil Ltd (NYSEAMERICAN:IMO) (TSE:IMO) saw a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 12,042,190 shares, a decrease of 1.1% from the August 15th total of 12,175,218 shares. Based on an average trading volume of 191,075 shares, the days-to-cover ratio is presently 63.0 days.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC purchased a new position in shares of Imperial Oil during the 2nd quarter valued at about $166,000. Creative Planning purchased a new position in shares of Imperial Oil during the 2nd quarter valued at about $209,000. Quantbot Technologies LP raised its holdings in shares of Imperial Oil by 114.1% during the 1st quarter. Quantbot Technologies LP now owns 6,752 shares of the energy company’s stock valued at $178,000 after buying an additional 3,598 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of Imperial Oil during the 2nd quarter valued at about $229,000. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Imperial Oil by 260.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,383 shares of the energy company’s stock valued at $279,000 after buying an additional 6,060 shares in the last quarter.

Shares of IMO traded up $0.06 during trading hours on Friday, reaching $33.68. 211,871 shares of the company’s stock traded hands, compared to its average volume of 336,013. Imperial Oil has a 12 month low of $25.91 and a 12 month high of $34.29.

Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) last issued its quarterly earnings results on Friday, July 27th. The energy company reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.26). The business had revenue of $9.54 billion for the quarter, compared to the consensus estimate of $9 billion. Imperial Oil had a negative net margin of 1.70% and a negative return on equity of 2.22%. The business’s revenue was up 35.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.09) EPS.

Several research analysts have recently weighed in on the company. CIBC assumed coverage on Imperial Oil in a research note on Friday. They set a “sector underperform” rating for the company. Zacks Investment Research downgraded Imperial Oil from a “buy” rating to a “hold” rating in a research note on Wednesday, July 18th. Barclays upgraded Imperial Oil from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, July 11th. Finally, TheStreet downgraded Imperial Oil from a “b-” rating to a “c” rating in a research note on Monday, September 17th. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $43.60.

About Imperial Oil

Imperial Oil Limited explores for, produces, and sells crude oil and natural gas in Canada. The company operates through three segments: Upstream, Downstream, and Chemical. The Upstream segment explores for and produces crude oil, natural gas, synthetic oil, and bitumen. As of December 31, 2017, this segment had 450 million oil-equivalent barrels of proved undeveloped reserves.

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