Imperial Oil Maintained at Hold at TPH Following Third-Quarter Results; Price Target at C$115.00

MT Newswires Live11-01

Tudor, Pickering, Holt on Friday reiterated its hold rating on the shares of Imperial Oil (IMO.TO, IMO) with a C$115.00 price target following third-quarter results from the oil producer and refining.

"Strong operational results in the upstream beats on Q3 financial results and should drive solid performance today. C$2.33 clean EPS came in better vs. TPHe/Street C$2.23/C$2.04, as did C$3.38 CFPS ex-WC vs. TPHe/Street C$3.07/C$2.99. Relative to our estimates at the segment level, the release showed a big beat in upstream, with earnings totaling C$1,237MM vs. TPHe/Street C$922MM/C$850MM; 447mboepd production was closer to our model but overall exceeded expectations of TPHe/Street 445/443. In the downstream, utilization and throughput were better than expected at 90% vs. TPHe/Street 86%/87% and 389mbpd vs. TPHe/Street 368/377, respectively, with earnings of C$205MM comparing to TPHe/Street C$229MM/C$230MM. In Chems, C$28MM earnings compared to TPHe/Street C$57MM/C$60MM. On capital, C$486MM capex exceeded TPHe/Street C$429MM/C$425MM. On the call, the outlook for strong performance continuing in the upstream and utilization expectations in downstream are of interest, as well as leading edge thoughts on shareholder returns (C$1.5B during the quarter including C$0.3B in dividends and C$1.2B in accelerated buybacks)," 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: 106.57, Change: +2.67, Percent Change: +2.57

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Relative to our estimates at the segment level, the release showed a big beat in upstream, with earnings totaling C$1,237MM vs. TPHe/Street C$922MM/C$850MM; 447mboepd production was closer to our model but overall exceeded expectations of TPHe/Street 445/443. In the downstream, utilization and throughput were better than expected at 90% vs. TPHe/Street 86%/87% and 389mbpd vs. TPHe/Street 368/377, respectively, with earnings of C$205MM comparing to TPHe/Street C$229MM/C$230MM. In Chems, C$28MM earnings compared to TPHe/Street C$57MM/C$60MM. On capital, C$486MM capex exceeded TPHe/Street C$429MM/C$425MM. 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