Imperial Oil Ltd. (TSE:IMO) updated its guidance for 2023 earlier this week. The integrated oil company aims to spend $1.7 billion in capital expenditures next year. Moreover, several project ramp-ups are also planned for the year.
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The Strathcona Renewable Diesel project, the Cold Lake Grand Rapids project, and an in-pit tailings project at its Kearl oil sands facility await improvements in 2023. Particularly, Imperial is aiming to increase production at Kearl to 280,000 gross barrels per day by 2024.
Upstream production for the next year is expected to be between 410,000 and 430,000 gross oil equivalent barrels per day.
“Our priority remains to maximize value for our shareholders and the company’s fully integrated, high-quality assets position us well to continue delivering on our commitments throughout 2023,” said Brad Corson, Imperial’s chairman, president, and CEO.
Is IMO a Good Stock to Buy, According to Analysts?
Wall Street’s Hold consensus rating suggests that investors should wait for a better entry point. Three analysts have rated the stock a Buy, six have given Hold ratings, and one analyst has a Sell rating on the stock. The average price target of C$80.10 indicates 24% upside potential.
