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RBC Reaffirms Imperial Oil's Underperform Rating, C$124 Price Target

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-- RBC Capital Markets on Friday reaffirmed Imperial Oil's (IMO.TO, IMO) underperform rating and C$124 price target following the release of the company's first-quarter results.

Key takeaways from Imperial Oil's conference call include the company's cost optimization initiatives, with the company's restructuring resulting with roughly 130 employees departing in the first quarter.

Imperial Oil also returned C$350 million to shareholders during the quarter via dividends. Its capital spending reached C$478 million, below RBC's forecast of C$525 million.

The company indicated that it does not intend to alter the pace of capital investment this year despite a stronger commodity pricing backdrop.

Price: $177.38, Change: $+2.78, Percent Change: +1.59%

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