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 ahead of first-quarter results from the oil producer and refiner.
"Updating our model into earnings saw an increase to our cash flow estimates, with our Q2'25 CFPS now at TPHe C$2.60 vs. our prior C$2.35, slightly below Street C$2.63. Upstream was the driver on mark-to-market factors, with our production estimate unchanged and ~in-line vs. consensus (TPHe 421mboepd total upstream production vs. Street 420); TPHe C$500MM Upstream earnings vs. our prior C$361MM. In Downstream, while we tweaked our throughput higher to TPHe 373mbpd from our prior 361 on better utilization than we'd previously modeled (TPHe 87% vs. our prior 84% and Street 88%), mark-to-market factors partially offsetting; TPHe C$371MM earnings vs. our prior C$383MM," 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: 114.04, Change: +1.81, Percent Change: +1.61
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