What’s Next for Imperial Oil Limited After Today’s Gap Up?

 What's Next for Imperial Oil Limited After Today's Gap Up?

The stock of Imperial Oil Limited (TSE:IMO) gapped up by $0.87 today and has $50.26 target or 9.00% above today’s $46.11 share price. The 6 months technical chart setup indicates low risk for the $38.88B company. The gap was reported on Nov, 30 by Barchart.com. If the $50.26 price target is reached, the company will be worth $3.50 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 278,570 shares traded hands. Imperial Oil Limited (TSE:IMO) has risen 5.92% since April 26, 2016 and is uptrending. It has outperformed by 0.69% the S&P500.

Imperial Oil Limited (TSE:IMO) Ratings Coverage

Out of 5 analysts covering Imperial Oil Limited (TSE:IMO), 2 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 40% are positive. $60 is the highest target while $41 is the lowest. The $46.78 average target is 1.45% above today’s ($46.11) stock price. Imperial Oil Limited has been the topic of 18 analyst reports since July 21, 2015 according to StockzIntelligence Inc. IBC upgraded it to “Sector Outperformer” rating and $60 target price in Friday, August 14 report. Raymond James maintained it with “” rating and $51 target price in Monday, June 6 report. The rating was upgraded by TD Securities on Thursday, November 3 to “Buy”. Scotia Capital maintained Imperial Oil Limited (TSE:IMO) on Thursday, September 22 with “Sector Perform” rating. The firm has “Outperform” rating by Credit Suisse given on Monday, October 24. The firm earned “Sector Perform” rating on Thursday, September 22 by RBC Capital Markets. RBC Capital Markets maintained it with “Sector Perform” rating and $42 target price in Wednesday, February 3 report. The firm has “” rating given on Tuesday, June 28 by Desjardins Securities.

More notable recent Imperial Oil Limited (TSE:IMO) news were published by: Theglobeandmail.com which released: “Imperial Oil sells Esso gas stations for $2.8-billion” on March 08, 2016, also Business.Financialpost.com with their article: “Imperial Oil Ltd upgraded on strong free cash flow outlook” published on September 22, 2016, Business.Financialpost.com published: “Imperial Oil Ltd fourth quarter profit plunges 84% on low oil prices” on February 02, 2016. More interesting news about Imperial Oil Limited (TSE:IMO) were released by: Business.Financialpost.com and their article: “Why now is a good time to own Imperial Oil Ltd” published on April 25, 2016 as well as Fool.ca‘s news article titled: “This Analyst Thinks Imperial Oil Limited Has 60% Upside” with publication date: October 27, 2016.

Imperial Oil Ltd is a Canada-based integrated oil company. The company has a market cap of $38.88 billion. The Firm is engaged in the exploration for, and production and sale of, natural gas and crude oil. It has a 47.71 P/E ratio. The Company’s activities are conducted in three divisions: Upstream, Downstream and Chemical.

IMO.TO Company Profile

Imperial Oil Limited, incorporated on May 1, 1978, is an integrated oil company. The Firm is engaged in the exploration for, and production and sale of, natural gas and crude oil. The Company’s activities are conducted in three divisions: Upstream, Downstream and Chemical. Upstream activities include the exploration for, and production of, crude oil, natural gas, synthetic oil and bitumen. Downstream activities consist of the transportation and refining of crude oil, blending of refined products and the distribution and marketing of those products. Chemical activities consist of the manufacturing and marketing of various petrochemicals.

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