Skip to main content
IMOImperial Oil LimitedBuy Wait6.4·$130.66
Buy WaitModerate Confidence
Investment thesis

Imperial Oil is an attractively valued, cash-generative integrated energy company with a strong earnings beat record, but a most-recent miss, geographic concentration in Canada, and a price that has already approached its resistance target argue for patience before adding or initiating exposure.

Thesis pillars

  • Strong Free Cash Conversion→Stable
  • Earnings Beat Streak Intact↑Improving
  • Compelling Valuation Peg→Stable
  • +1 more pillar — see the Why tab for full reasoning

Pillars as of Jul 3, 2026, based on the 10-K filed Feb 18, 2026

Full reasoning →

Open full analysis

Imperial Oil Limited (IMO) Stock Analysis

Breakout setup

Buy WaitGrowthQualityShortModerate Confidence

Energy · Oil & Gas Integrated

Earnings in 1 day (2026-10-30). Expect elevated volatility around the report — consider waiting for post-earnings price action before new entries.

Wait for pullback to $122.68. Price sits above the model's entry target of $122.68; the risk/reward becomes favorable on a pullback. Key risks: Concentration risk — Geographic: Canada; Analyst target reached - limited upside remaining.

Imperial Oil, 69.6% owned by ExxonMobil, is Canada's largest petroleum refiner and produces oil sands bitumen and synthetic crude across three segments—Upstream, Downstream, and Chemical—all operating in Canada. The Upstream segment averaged 382,000 net oil-equivalent barrels... Read more

$130.66-29.3% A.UpsideScore 6.4/10#11 of 17 Oil & Gas Integrated
QualityF-score7 / 9FCF yield7.07%
IncomeYield1.90%(5y avg 2.17%)Payout37.19%sustainable
Entry $122.68(Ma200 Sticky)Stop $115.53Analyst target $92.32(reached)A.R:R -3.3:1
Analyst consensus$108.61-16.9%1 analysts
Range unavailable (1 analysts)

Wait for pullback to $122.68. Price sits above the model's entry target of $122.68; the risk/reward becomes favorable on a pullback. Key risks: Concentration risk — Geographic: Canada; Analyst target reached - limited upside remaining. Chart setup: Golden cross, above all MAs, RSI 64, MACD bullish. Earnings in 1 day. Wait until post-earnings. Score 6.4/10, moderate confidence.

Passes 5/7 gates (positive momentum, clean insider activity, no SEC red flags, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and earnings proximity 1d<=7d. Suitability: moderate.

10-K grounded · weekly refresh

About Imperial Oil Limited

About Imperial Oil Limited

Imperial Oil produced an average of 382,000 net oil-equivalent barrels per day in 2025, driven by 310,000 net barrels per day of bitumen from Kearl (188,000 net kbd) and Cold Lake (122,000 net kbd) and 68,000 net kbd of synthetic crude oil from Syncrude. ExxonMobil Corporation owns approximately 69.6% of the company's outstanding shares, and all reported production volumes were sourced from Canada. The Leming SAGD project at Cold Lake achieved first oil production in November 2025.

Imperial earns revenue across three segments. Upstream operations center on the Kearl oil sands joint venture—where Imperial holds a 70.96% interest and ExxonMobil Canada Properties holds 29.04%—Cold Lake in-situ bitumen, and the Syncrude synthetic crude oil joint venture at a 25% interest. Bitumen is blended with diluent condensate and shipped to Imperial's own refineries, ExxonMobil refineries, and third parties. Downstream operates three refineries processing predominantly Canadian crude. Chemical operations manufacture and market petrochemicals. Capital spending in 2025 included approximately $291 million to progress proved undeveloped reserves at Cold Lake, Syncrude, and Kearl. Proved undeveloped reserves totaled 100 million oil-equivalent barrels at year-end 2025—approximately 4.9% of total proved reserves of 2,036 million oil-equivalent barrels—down from 227 million oil-equivalent barrels at year-end 2024 following first ore extraction from Syncrude's Mildred Lake Extension West.

Show full overview

Bitumen realizations are structurally discounted below WTI, and the WTI/WCS differential directly shapes Upstream margins. In 2025, Imperial's average Canadian dollar bitumen realization declined to CAD $67.01 per barrel from CAD $74.53 in 2024, primarily reflecting lower marker prices. In 2025, the United States imposed tariffs on Canadian imports and Canada responded with retaliatory measures; the 10-K warns these actions could depress economic activity, reduce demand for the company's products, limit or disrupt supply chains, increase costs, and reduce market prices and export volumes of the company's products. The full impact and duration of such tariffs remains uncertain, exposing the company to further realized-price pressure on bitumen and refined product exports.

See also: Energy · Oil & Gas Integrated

From Imperial Oil Limited's most recent 10-K filing, extracted June 10, 2026.

news + 30-day 8-K events · 5-min refresh

Recent developments

updated 2026-10-29
TrendMatrix Research · upcoming catalyst calendar

Upcoming dated catalysts

Fri, Oct 30, 20261d to earnings· next earnings call

Thesis

Rewards
Sector modifier (Energy): +1.2
Attractive valuation
Strong growth profile
Risks
Concentration risk — Geographic: Canada
Analyst target reached - limited upside remaining
V7 low-quality RISK_OFF penalty: -0.5 (Q=5.5)

Key Metrics

P/E (TTM)21.1
P/E (Fwd)13.4
Mkt Cap$65.0B
EV/EBITDA7.9
Profit Mgn8.1%
ROE16.8%
Rev Growth42.6%
Beta0.91
Dividend1.90%
Rating analysts24

Quality Signals

Piotroski F7/9MoatNarrow

Options Flow

P/C1.06bearish
IV43%normal
Max Pain$70-46.4% vs spot

Concentration Risks(10-K Item 1A)

  • HIGHGeographicCanada
    10-K Item 1: 'All reported production volumes were from Canada'
  • MEDIUMCommoditybitumen
    10-K Item 1A: 'A significant portion of the company’s production is bitumen'

Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy

Show full disclosure ▾

About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.

Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.

Conflicts and positions. People who build TrendMatrix, or entities they control, may hold positions, long or short, in securities it covers, and may trade them at any time. Positions are not disclosed individually. Verdicts are generated by an automated model applied by the same rules to every covered stock, and are not adjusted for any position held by the people who build TrendMatrix. We do not accept payment from issuers for coverage.

No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security.

No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.

Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.

Methodology · Editorial policy & full disclaimer

Rating Breakdown

2 ceiling hits

GatesA.R:R -3.3=NEGATIVEEARNINGS PROXIMITY 1d<=7dMomentum 5.5>=5.5Insider activity: OKNo SEC red flagsSEMI CYCLE PEAK CLEARMATERIALS CYCLE PEAK CLEARBreakoutSuitability: Moderate
RSI
64 · Neutral
↑ 20D MA↑ 50D MA↑ 200D MAGOLDEN CROSSSupport $119.10Resistance $137.03

Price Targets

A.Upside-29.3%
A.R:R-3.3:1

Position Sizing

ConvictionNone
Suggested %0.5%
Max %1%
RegimeRisk-Off

Risk Alerts

! Target reached (-29.3% upside)
! Earnings in 1 day - binary event risk
! Negative risk/reward — downside exceeds upside

Earnings

B
B
B
M
3/4 beats
Next Earnings2026-10-30 (1d)

Verdict History

reverse chrono — latest first
Loading history...
Verdicts are recorded on every nightly pipeline run. Rows capture transitions (verdict flips, score deltas ≥0.3, entry/TP/SL changes). Rows with a ▶ can be expanded to see the change reason. Aggregate cohort performance is tracked in the recommendation ledger.
Frequently Asked Questions
Is IMO stock a buy right now?

Wait for pullback to $122.68. Price sits above the model's entry target of $122.68; the risk/reward becomes favorable on a pullback. Key risks: Concentration risk — Geographic: Canada; Analyst target reached - limited upside remaining. Chart setup: Golden cross, above all MAs, RSI 64, MACD bullish. Earnings in 1 day. Wait until post-earnings. Analyst target $92.32 reached (−29.3%), stop $115.53 (−13.1%), A.R:R -3.3:1. Score 6.4/10, moderate confidence.

What is the IMO stock price target?

Analyst target $92.32 reached (−29.3% from $130.66); no take-profit level is published. Analyst target $92.32 reached (−29.3%), stop $115.53 (−13.1%), A.R:R -3.3:1. Stop-loss: $115.53.

What are the risks of investing in IMO?

Concentration risk — Geographic: Canada; Analyst target reached - limited upside remaining; V7 low-quality RISK_OFF penalty: -0.5 (Q=5.5).

Is IMO overvalued or undervalued?

Imperial Oil Limited trades at a P/E of 21.1 (forward 13.4). TrendMatrix value score: 8.6/10. Verdict: Buy (Wait for Entry).

What do analysts say about IMO?

24 analysts cover IMO with a consensus score of 2.4/5. Average price target: $109.

What does Imperial Oil Limited do?Imperial Oil, 69.6% owned by ExxonMobil, is Canada's largest petroleum refiner and produces oil sands bitumen and...

Imperial Oil, 69.6% owned by ExxonMobil, is Canada's largest petroleum refiner and produces oil sands bitumen and synthetic crude across three segments—Upstream, Downstream, and Chemical—all operating in Canada. The Upstream segment averaged 382,000 net oil-equivalent barrels per day in 2025 via Kearl, Cold Lake, and the Syncrude joint venture.

Related stocks: CVE (Cenovus Energy Inc) · SU (Suncor Energy Inc.) · PBR-A (Petroleo Brasileiro S.A. Petrob) · PBR (Petroleo Brasileiro S.A. Petrob) · EQNR (Equinor ASA)
Home › Stocks › IMO

Latest news

Latest News

MarketBeat92d ago
MSN183d ago
Marine News Magazine183d ago
MarketWatch15h ago
MarketWatch127d ago
GCaptain127d ago
The Globe and Mail127d ago
Lloyd's List127d ago
富途牛牛127d ago
MarketBeat99d ago
Insider Monkey190d ago
MSN190d ago
Seeking Alpha190d agoAnalyst
TradeWinds News8d ago
Kalkine.ca8d ago
GuruFocus134d ago
Kalkine Media78d ago
GuruFocus2d ago
MarketWatch2d ago
Benzinga2d ago
Loading more...