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Summary
- Imperial Oil posted higher oil production year-over-year (YoY) for Q4 2020 but recorded a net loss due to lower sales amid the COVID-19 outbreak.
- The company will distribute a quarterly dividend of C$ 0.22 per common share for Q1 2021.
- Its stock has risen by 35 per cent in the last three months and up by 3.5 per cent this year.
Imperial Oil Ltd (TSX:IMO) reported higher oil production on a year-over-year basis during its fourth-quarter results for 2020.
The company recorded healthier oil demand in the second half of 2020. It posted an average production of 460 thousand barrels per day in Q4 2020, up from 398 thousand barrels a day in Q4 of 2019, the company said.
The black gold company registered a net loss of C$ 1,146 million in the quarter, which incorporated a non-cash asset value loss of C$ 1,171 million.
Its cash flow from operating activities was C$ 316 million in Q4 2020, down due to lower sales volumes, against C$ 1.024 billion in Q4 2019.
Imperial’s board of directors accepted a quarterly dividend of C$ 0.22 per share for the ongoing quarter, ending on March 31. The dividend will be allocated to the stockholders on April 1, 2021.
Let us glance at this Toronto Stock Exchange (TSX)-listed oil stock’s performance:
Imperial Oil Ltd. (TSX:IMO)
The oil company’s stock is currently trading at C$ 25 per share. Its stock has returned as much as 3.5 per cent this year. In the last three months, its shares are up by 35 per cent. However, its one-year return is down by nearly 17 per cent.
The integrated oil firm holds approximately 737.5 million listed shares outstanding, with a market of C$ 18.44 billion, as per the TMX portal. Its price-to-cashflow ratio is 11.90, and the debt-to-equity ratio is 0.23.
Image Source: Kalkine Group @2021
The company has paid a consistent quarterly dividend for the last eight quarters, with three-year average dividend growth of 11.69 per cent. Its current dividend yield is 3.491 per cent.
Outlook
The company projected capital expenditures of nearly C$ 1.2 billion in 2021. Its full-year production and manufacturing costs were C$ 985 million in the last year, which was lower than 2019. The company has not pegged its oil production for the current year.
