TD Securities Upgrades Imperial Oil Limited (IMO) to Buy

Earlier, TD Securities upgraded Imperial Oil Limited (NYSE: IMO) from Hold to Buy with a price target of $52.00 (from $46.00).

The firm cited: 1) best-in-class year-over-year production per share growth of ~18% given initial production ramp-up at Kearl Lake, 2) the balance sheet to fund an aggressive development program, 3) its downstream hedge (which is proving invaluable given persistently wide differentials), and 4) the recent pullback in share price.

For an analyst ratings summary and ratings history on Imperial Oil Limited click here. For more ratings news on Imperial Oil Limited click here.

Shares of Imperial Oil Limited closed at $43.60 yesterday.

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