Short Interest in Imperial Oil Ltd (NYSEAMERICAN:IMO) Declines By 11.7%

Imperial Oil Ltd (NYSEAMERICAN:IMO) (TSE:IMO) saw a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 6,780,000 shares, a drop of 11.7% from the December 15th total of 7,680,000 shares. Based on an average daily volume of 253,100 shares, the days-to-cover ratio is currently 26.8 days. Approximately 2.9% of the shares of the company are sold short.

Shares of NYSEAMERICAN IMO traded up $0.01 during trading hours on Tuesday, hitting $26.88. 6,567 shares of the stock were exchanged, compared to its average volume of 291,538. Imperial Oil has a 1-year low of $23.66 and a 1-year high of $30.38.

Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) last posted its quarterly earnings results on Friday, November 1st. The energy company reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.02). The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6.69 billion.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp boosted its position in shares of Imperial Oil by 25.7% during the 2nd quarter. Mackenzie Financial Corp now owns 1,947,123 shares of the energy company’s stock worth $53,877,000 after acquiring an additional 397,681 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its position in shares of Imperial Oil by 12.2% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 488,325 shares of the energy company’s stock worth $13,524,000 after acquiring an additional 53,156 shares in the last quarter. Man Group plc boosted its position in shares of Imperial Oil by 66.4% during the 2nd quarter. Man Group plc now owns 246,367 shares of the energy company’s stock worth $6,821,000 after acquiring an additional 98,297 shares in the last quarter. Creative Planning boosted its position in shares of Imperial Oil by 14.4% during the 3rd quarter. Creative Planning now owns 9,442 shares of the energy company’s stock worth $246,000 after acquiring an additional 1,187 shares in the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in shares of Imperial Oil during the 3rd quarter worth approximately $328,000.

Several research analysts have recently commented on the stock. Raymond James reaffirmed a “sell” rating and set a $31.00 target price on shares of Imperial Oil in a report on Wednesday, November 13th. Citigroup cut shares of Imperial Oil from a “neutral” rating to a “sell” rating in a report on Monday, October 7th. Goldman Sachs Group cut shares of Imperial Oil from a “buy” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $39.00 in a report on Thursday, September 26th. CIBC raised shares of Imperial Oil to a “hold” rating and set a $38.00 target price on the stock in a report on Friday, November 1st. Finally, GMP Securities cut shares of Imperial Oil from a “hold” rating to a “reduce” rating in a report on Monday, September 30th. Five equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $35.10.

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.

Further Reading: Derivative

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