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RBC Maintains Imperial Oil's Underperform Rating, C$124 Price Target After Q1 Results

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-- RBC Capital Markets reiterated its underperform rating on the shares of Imperial Oil (IMO.TO, IMO) and C$124 price target after the oil producer and refiner reported its first-quarter results.

Imperial delivered mixed results in the first quarter amid cash flow per share that was 25% lower year over year due to higher cash taxes, analyst Greg Pardy wrote.

The company's total production was also down 1% due to the outage at the TC Energy Fort McKay Mainline and unplanned coker downtime at Syncrude.

"Our constructive stance towards Imperial Oil reflects its long-life, low-decline upstream portfolio, cash flow diversification via its refining and chemical segments, strong balance sheet, free cash flow generation, commitment to shareholder returns and solid operating performance," Pardy said.

Price: $179.56, Change: $+1.91, Percent Change: +1.08%

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