Imperial Oil: Not The Cheapest Candidate Around

Summary

• Imperial Oil's Q3 2024 results showed revenue below expectations, but earnings per share exceeded estimates, despite lower energy prices and weak refining margins.
• The stock appears cheap compared to most industries, but is pricey relative to other large integrated energy businesses, justifying a 'hold' rating.
• The company continues to buy back stock and pay dividends, with significant allocations over the past three years.
• Future uncertainties, including weak refining margins and global economic conditions, support a conservative 'hold' rating rather than a 'buy'.
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