Imperial Oil

IMO-T

TSE:IMO

17.57
0.83 (4.51%)
Imperial Oil Limited is a Canadian petroleum company. It is Canada's second-biggest integrated oil company. Exxon Mobil Corp. had a 69.6 percent ownership stake in the company as of December 31, 2012.
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Analysis and Opinions about IMO-T

Signal
Opinion
Expert
TOP PICK
TOP PICK
January 19, 2017

This is cheap. If you want diversification then he likes this one. They have this huge guardian angel in the form of Exxon Mobil. It has not had the big bounce that some of the oil companies have had. He thinks only good things can happen with this one.

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Imperial Oil (IMO-T)
January 19, 2017

This is cheap. If you want diversification then he likes this one. They have this huge guardian angel in the form of Exxon Mobil. It has not had the big bounce that some of the oil companies have had. He thinks only good things can happen with this one.

COMMENT
COMMENT
September 16, 2016

Even though it has fallen to $40, it is still an expensive story, when you look at it on an Enterprise Value to debt on a cash flow basis. An excellent quality company, and one of the best in Canada in terms of Return of Capital employed. She wouldn’t buy this for the short term, but would buy it for the long-term. There is not much growth coming from the story.

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Imperial Oil (IMO-T)
September 16, 2016

Even though it has fallen to $40, it is still an expensive story, when you look at it on an Enterprise Value to debt on a cash flow basis. An excellent quality company, and one of the best in Canada in terms of Return of Capital employed. She wouldn’t buy this for the short term, but would buy it for the long-term. There is not much growth coming from the story.

DON'T BUY
DON'T BUY
September 6, 2016

This has not made people money. The low in January was $37, only $3 away from where we are now. They have done a good job on their production out of Cold Lake. The refining business does very well for them. For a long-term investor, there is some dividend support. It is not going to make you the returns that others are, and there are better places to be.

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Imperial Oil (IMO-T)
September 6, 2016

This has not made people money. The low in January was $37, only $3 away from where we are now. They have done a good job on their production out of Cold Lake. The refining business does very well for them. For a long-term investor, there is some dividend support. It is not going to make you the returns that others are, and there are better places to be.

BUY
BUY
May 2, 2016

If you are a long term investor, it is a fine company. In the short term they had some operational difficulties. Great balance sheet.

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If you are a long term investor, it is a fine company. In the short term they had some operational difficulties. Great balance sheet.

HOLD
HOLD
April 26, 2016

20 year hold? What has rallied has been the more speculative higher beta names. This is one of the most conservative integrated names. It has a heavy downstream piece, so it tends to do quite well. Doesn’t see tremendous strong growth, but it will plug along and do fine, and be a good steward of your cash. Dividend yield of 1.34%.

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Imperial Oil (IMO-T)
April 26, 2016

20 year hold? What has rallied has been the more speculative higher beta names. This is one of the most conservative integrated names. It has a heavy downstream piece, so it tends to do quite well. Doesn’t see tremendous strong growth, but it will plug along and do fine, and be a good steward of your cash. Dividend yield of 1.34%.

COMMENT
COMMENT
February 10, 2016

A great, solid, well-run company, and you can tell that by the way it trades. Free cash flow profile looks healthy, which is good for the investor. Because it is such a good quality company with less beta than the rest of the group, in a rising price environment you are not going to get as much appreciation as you would in some others. This is a company you don’t want to own coming out of a recovery. Also. refining margins are coming down. Feels some of the best upside is going to be in the pure play rather than in an integrated story.

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Imperial Oil (IMO-T)
February 10, 2016

A great, solid, well-run company, and you can tell that by the way it trades. Free cash flow profile looks healthy, which is good for the investor. Because it is such a good quality company with less beta than the rest of the group, in a rising price environment you are not going to get as much appreciation as you would in some others. This is a company you don’t want to own coming out of a recovery. Also. refining margins are coming down. Feels some of the best upside is going to be in the pure play rather than in an integrated story.

HOLD
HOLD
November 3, 2015

If you strictly want yield or safety on a Canadian energy, you are probably better off playing the parent Exxon (XOM-N) in the US. He would be more inclined to go to any of the producers that can grow their production a lot more effectively than this company can. This is more of a defensive holding when the sector rolls over.

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Imperial Oil (IMO-T)
November 3, 2015

If you strictly want yield or safety on a Canadian energy, you are probably better off playing the parent Exxon (XOM-N) in the US. He would be more inclined to go to any of the producers that can grow their production a lot more effectively than this company can. This is more of a defensive holding when the sector rolls over.

COMMENT
COMMENT
July 31, 2015

Just reported and earnings were not that great. Not a real surprise as it is 83% in the oil area. Has been a very steady producer for years and years. The real problem coming out of their earnings was that people had thought it would do better downstream than what it did. He is basically standing back from the oil/gas sector. Doesn’t see us reaching some stability until maybe 2016.

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Imperial Oil (IMO-T)
July 31, 2015

Just reported and earnings were not that great. Not a real surprise as it is 83% in the oil area. Has been a very steady producer for years and years. The real problem coming out of their earnings was that people had thought it would do better downstream than what it did. He is basically standing back from the oil/gas sector. Doesn’t see us reaching some stability until maybe 2016.

PAST TOP PICK
PAST TOP PICK
June 16, 2015

(A Top Pick July 3/14. Down 17.35%.) 1995 was the last time this company had traded at this valuation. Oils are certainly out of favour, and with all the oils they are going to go back and retest their lows that they made in December. This is a good company.

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Imperial Oil (IMO-T)
June 16, 2015

(A Top Pick July 3/14. Down 17.35%.) 1995 was the last time this company had traded at this valuation. Oils are certainly out of favour, and with all the oils they are going to go back and retest their lows that they made in December. This is a good company.

PAST TOP PICK
PAST TOP PICK
June 11, 2015

(Top Pick June 27/14, Down 12.50%) It is an integrated oil and if oil prices are weak then one side would balance out the other within the business. He never expected oil to go down this much. This one has performed well relative to the oil sector. He is indifferent to the stock right now and issued a sell to the company last time he was on.

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Imperial Oil (IMO-T)
June 11, 2015

(Top Pick June 27/14, Down 12.50%) It is an integrated oil and if oil prices are weak then one side would balance out the other within the business. He never expected oil to go down this much. This one has performed well relative to the oil sector. He is indifferent to the stock right now and issued a sell to the company last time he was on.

HOLD
HOLD
May 11, 2015

A very conservative company. You get a very large, conservative, portion of Exxon Mobile. It is not the best and not the worst. He thinks there is better risk/return profiles out there with a better yield.

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Imperial Oil (IMO-T)
May 11, 2015

A very conservative company. You get a very large, conservative, portion of Exxon Mobile. It is not the best and not the worst. He thinks there is better risk/return profiles out there with a better yield.

PAST TOP PICK
PAST TOP PICK
May 8, 2015

(A Top Pick June 17/14. Down 9.86%.) Has held up fairly well. Currently trading at about its FMV.

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(A Top Pick June 17/14. Down 9.86%.) Has held up fairly well. Currently trading at about its FMV.

DON'T BUY
DON'T BUY
May 4, 2015

They get more from downstream business than upstream business. A lot of the recent increase in share value was on refining. He does not like the risk reward ratio on this one, nor SU-T. There is a lot of overhead resistance.

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They get more from downstream business than upstream business. A lot of the recent increase in share value was on refining. He does not like the risk reward ratio on this one, nor SU-T. There is a lot of overhead resistance.

DON'T BUY
DON'T BUY
April 28, 2015

Given the current price, looking out over the next few years he can see other companies in the sector that are perhaps selling at more modest multiples to the potential growth.

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Imperial Oil (IMO-T)
April 28, 2015

Given the current price, looking out over the next few years he can see other companies in the sector that are perhaps selling at more modest multiples to the potential growth.

TOP PICK
TOP PICK
March 30, 2015

They have gone ahead and affected a lot of assets. They spent a lot recently in CapX. They are well managed and a great growth company. Only 23% in debt. Downstream assets have huge earnings power. They earned as much in refining as in upstream operations.

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Imperial Oil (IMO-T)
March 30, 2015

They have gone ahead and affected a lot of assets. They spent a lot recently in CapX. They are well managed and a great growth company. Only 23% in debt. Downstream assets have huge earnings power. They earned as much in refining as in upstream operations.

COMMENT
COMMENT
February 26, 2015

A lower yielder, so he doesn’t own it. Great business. Superior assets.

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Imperial Oil (IMO-T)
February 26, 2015

A lower yielder, so he doesn’t own it. Great business. Superior assets.

BUY
BUY
February 6, 2015

This is by far the best operator with the highest returns. While others were cutting dividends and slashing CapX budgets. This one did not cut its CapX budget. It has one of the highest and most stable ROE’s out of all the energy companies in Canada.

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Imperial Oil (IMO-T)
February 6, 2015

This is by far the best operator with the highest returns. While others were cutting dividends and slashing CapX budgets. This one did not cut its CapX budget. It has one of the highest and most stable ROE’s out of all the energy companies in Canada.

COMMENT
COMMENT
February 5, 2015

Likes long life assets. There are operational inefficiencies they could iron out. It would make sense for them to acquire COS-T.

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Imperial Oil (IMO-T)
February 5, 2015

Likes long life assets. There are operational inefficiencies they could iron out. It would make sense for them to acquire COS-T.

COMMENT
COMMENT
December 12, 2014

For anyone who has had exposure in the energy space, this has been a great place to be because of the diversification in their business line in refining and downstream. Very under leveraged. Majority of its oil production in Canada is long life, low decline and low required investment assets.

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Imperial Oil (IMO-T)
December 12, 2014

For anyone who has had exposure in the energy space, this has been a great place to be because of the diversification in their business line in refining and downstream. Very under leveraged. Majority of its oil production in Canada is long life, low decline and low required investment assets.

DON'T BUY
DON'T BUY
October 27, 2014

Would prefer Canadian Natural Resources (CNQ-T), which is much larger and more diversified.

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Imperial Oil (IMO-T)
October 27, 2014

Would prefer Canadian Natural Resources (CNQ-T), which is much larger and more diversified.

BUY
BUY
October 20, 2014

They have a tremendous record over the last 15 years. They have very low costs (about $10) and so generate great profits. They have one of the best production profiles coming on over the next 10-15 years. They are very patient with their capital allocation. Probably one of the best managed oil companies in the world.

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Imperial Oil (IMO-T)
October 20, 2014

They have a tremendous record over the last 15 years. They have very low costs (about $10) and so generate great profits. They have one of the best production profiles coming on over the next 10-15 years. They are very patient with their capital allocation. Probably one of the best managed oil companies in the world.

BUY
BUY
October 10, 2014

This company got knocked down with the rest. Has good assets, good production and has heavy oil. One of the better quality ones. In the long-term, this is a very safe bet in the oil industry. He prefers higher yields in some of the others. 1% dividend yield.

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Imperial Oil (IMO-T)
October 10, 2014

This company got knocked down with the rest. Has good assets, good production and has heavy oil. One of the better quality ones. In the long-term, this is a very safe bet in the oil industry. He prefers higher yields in some of the others. 1% dividend yield.

HOLD
HOLD
August 12, 2014

Chart shows a large period of an elevated base, followed by a breakout in 2013. The longer the base, the longer the move in the upside. Not too excited about the crude producers, but the integrateds are a different story. They profit no matter what.

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Imperial Oil (IMO-T)
August 12, 2014

Chart shows a large period of an elevated base, followed by a breakout in 2013. The longer the base, the longer the move in the upside. Not too excited about the crude producers, but the integrateds are a different story. They profit no matter what.

TOP PICK
TOP PICK
July 3, 2014

A 57% upside to get to his model price. It is starting to move.

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Imperial Oil (IMO-T)
July 3, 2014

A 57% upside to get to his model price. It is starting to move.

COMMENT
COMMENT
June 18, 2014

This is a company that he has been Short in the past. He tends to use this as a proxy for hedging out his Canadian crude oil exposure. About 3 months ago he decided to cover his position because they seem to be getting their act together. As a long-term holding, he has no objection and is largely indifferent to it.

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Imperial Oil (IMO-T)
June 18, 2014

This is a company that he has been Short in the past. He tends to use this as a proxy for hedging out his Canadian crude oil exposure. About 3 months ago he decided to cover his position because they seem to be getting their act together. As a long-term holding, he has no objection and is largely indifferent to it.

TOP PICK
TOP PICK
June 17, 2014

Stock has gone through a long sideways correction for about 8 years, and waited for its BV to catch up. ROE gives a 17% annual rate of return, and has been doing that for about 7-8 years. His FMV calculation would be around $75+. His target is $65. Yield of 0.93%.

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Imperial Oil (IMO-T)
June 17, 2014

Stock has gone through a long sideways correction for about 8 years, and waited for its BV to catch up. ROE gives a 17% annual rate of return, and has been doing that for about 7-8 years. His FMV calculation would be around $75+. His target is $65. Yield of 0.93%.

DON'T BUY
DON'T BUY
June 16, 2014

Has not been participating with the Canadian oil patch recently. It has lagged a bit. The dividend is less than 1%. There is no compelling reason to own this over SU-T, CVE-T or CNQ-T.

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Imperial Oil (IMO-T)
June 16, 2014

Has not been participating with the Canadian oil patch recently. It has lagged a bit. The dividend is less than 1%. There is no compelling reason to own this over SU-T, CVE-T or CNQ-T.

PAST TOP PICK
PAST TOP PICK
April 16, 2014

(A Top Pick April 23/13. Long Tag Oil (TAO-T) and Short Imperial Oil (IMO-T). Down 34.23%.) (See comments under TAO-T.

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Imperial Oil (IMO-T)
April 16, 2014

(A Top Pick April 23/13. Long Tag Oil (TAO-T) and Short Imperial Oil (IMO-T). Down 34.23%.) (See comments under TAO-T.

HOLD
HOLD
March 10, 2014

Have a lot of things going for them in terms of production that is coming on. Although it has had a good run, it may have some distance left to go. Extremely well managed. Not sure that Keystone will be built but thinks oil will move out of Alberta so increased production should commence with reasonably good prices going forward.

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Imperial Oil (IMO-T)
March 10, 2014

Have a lot of things going for them in terms of production that is coming on. Although it has had a good run, it may have some distance left to go. Extremely well managed. Not sure that Keystone will be built but thinks oil will move out of Alberta so increased production should commence with reasonably good prices going forward.

DON'T BUY
DON'T BUY
January 27, 2014

A massive conundrum. If it gets cheap enough, he will try to own it. Its rate of return on its oil projects is extraordinary. The problem is the last project that was built in the inflated cost environment of the oil sands. It could make IMO a 30% overvalued stock. He prefers to sit on the sidelines.

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Imperial Oil (IMO-T)
January 27, 2014

A massive conundrum. If it gets cheap enough, he will try to own it. Its rate of return on its oil projects is extraordinary. The problem is the last project that was built in the inflated cost environment of the oil sands. It could make IMO a 30% overvalued stock. He prefers to sit on the sidelines.

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