Updates on Imperial Oil and Bank of Nova Scotia

Article Excerpt

IMPERIAL OIL $116 (Toronto symbol IMO; SI Rating: Average) is Canada’s largest integrated oil company, with operations in all phases of the petroleum industry. In the three months ended March 31, 2006, Imperial’s earnings rose 58.4%, to $591 million or $1.79 a share, from $393 million or $1.13 a share. Revenues fell 2.5%, to $5.8 billion from $5.9 billion a year earlier. The company plans to split its share on a three-for-one basis. Imperial’s cash flow rose 58% in the latest quarter, to $894 million from $566 million. However, cash flow per share rose 65.6%, to $2.70 from $1.63. The higher per-share figure reflects aggressive stock buybacks. The company bought back $542 million of its stock in the latest quarter. Imperial holds cash of $715 million. Imperial continues to invest heavily in new sources of oil and gas. This includes the expansion of its 25%-owned Syncrude oil sands joint venture in Northern Alberta, the Kearl Lake oil sands project in Alberta and the…

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