Tudor, Pickering, Holt on Tuesday maintained its buy rating on the shares of Imperial Oil (IMO.TO, IMO) with a C$115.00 price target after the oil producer and refiner renewed its long-standing normal-course issuer bid (NCIB) share buyback program.
"t least partially driving outperformance yesterday (IMO -2.9% vs. Canadian senior peer group -4.0%), IMO announced the formal renewal of its NCIB following TSX acceptance. The program is good for a maximum of 5% of the company's ~509.04MM shares outstanding, or 25.45MM shares, greater than the alternative of 10% of the float given the XOM ownership (69.6%; shares purchased from XOM would reduce the maximum). The one-year program begins on 06/29/2025 and will end once the maximum is reached or on 06/28/2026, with a daily limit of ~217.1k shares per day, which represents 25% of the average daily trading volumes of 868.3k shares over the past six months," 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: 108.95, Change: +0.40, Percent Change: +0.37
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