IMO meets buyback target

Article Excerpt

IMPERIAL OIL LTD., $63.54, is a buy. The company (Toronto symbol IMO; Shares outstanding: 636.7 million; Market cap: $40.5 billion; TSINetwork Rating: Average; Dividend yield: 2.1%; www.imperialoil.ca) has completed its plan to buy back $2.5 billion of its common shares through a Dutch auction process. Under the plan, Imperial repurchased 32.47 million (4.9% of the total) of its shares at $77.00 a share. Parent company ExxonMobil purchased a proportional number of shares to maintain its 69.6% stake in Imperial. Imperial’s outlook remains bright, as the easing of COVID-19 lockdowns and sanctions on Russian oil exports should continue to support oil prices. Meantime, the company raised your quarterly dividend by 25.9% with the April 2022 payment. Imperial now yields 2.1%. Imperial Oil is a buy. buy…

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