Topic: How To Invest

Dividend Advisor Hotline – Friday, May 5, 2023

Article Excerpt

IMPERIAL OIL LTD., $62.34, Toronto symbol IMO, is a buy. This company gets about 90% of its production from oil sands operations in Alberta. Imperial also has conventional oil and natural gas operations in the West and holds stakes in offshore projects in Atlantic Canada. Its other operations include three refineries (one in Alberta, two in Ontario) and a petrochemical plant in Sarnia, Ontario. With the July 2023 payment, Imperial will raise your quarterly dividend by 13.6%, to $0.50 a share from $0.44. The new annual rate of $2.00 yields 3.2%. Meantime, in the first quarter of 2023, Imperial produced an average of 413,000 barrels (98% oil, 2% gas) a day. Due to improved winter operating procedures at its Kearl oil sands project in northern Alberta, that’s up 8.7% from 380,000 barrels in the year-earlier quarter. However, due to lower oil and gas prices, revenue in the quarter fell 4.5%, to $12.12 billion from $12.69 billion a year earlier. That also missed the consensus forecast of…