Is Imperial Oil Stock a Good Investment?
Imperial Oil Investment Advice | IMO |
- Examine Imperial Oil's financial health by looking at its balance sheet, income statement, and cash flow statement. Analyze key financial ratios, such as Price-to-Earnings (P/E), Price-to-Sales (P/S), and Price-to-Book (P/B), to determine whether the stock is fairly valued or over/undervalued.
- Research Imperial Oil's leadership team and their track record. Good management can help Imperial Oil navigate difficult times and make strategic decisions that benefit shareholders and increases its net worth.
- Consider the overall health of the Oil, Gas & Consumable Fuels space and any emerging trends that could impact Imperial Oil's business and its evolving consumer preferences.
- Compare Imperial Oil's performance and market position to its competitors. Analyze how Imperial Oil is positioned in terms of product offerings, innovation, and market share.
- Check if Imperial Oil pays a dividend and its dividend yield and payout ratio.
- Review what financial analysts are saying about Imperial Oil's stock and their price targets. However, remember that analysts' opinions can vary, and their predictions may not always be accurate.
It's important to note that investing in Imperial Oil stock, carries risks, and you should carefully consider your investment goals and risk tolerance before making any investment decisions. Also, remember that it's important for investors to have a long-term perspective and a well-diversified portfolio to manage the impact of stock market volatility on their investments. Below is a detailed guide on how to decide if Imperial Oil is a good investment.
Sell | Buy |
Strong Buy
Market Performance | Solid | Details | |
Volatility | Very steady | Details | |
Hype Condition | Stale | Details | |
Current Valuation | Undervalued | Details | |
Odds Of Distress | Low | Details | |
Economic Sensitivity | Follows the market closely | Details | |
Investor Sentiment | Alarmed | Details | |
Analyst Consensus | Buy | Details | |
Reporting Quality (M-Score) | Unavailable | Details |
Examine Imperial Oil Stock
Researching Imperial Oil's stock involves analyzing various aspects of the company and its industry to make an informed investment decision. The key areas to focus on are fundamentals, business model and competitive advantage. It is also important to analyze trends in revenue, net income, and cash flow, as well as key financial ratios, such as price-to-earnings (P/E), price-to-sales (P/S), and debt-to-equity (D/E). About 70.0% of the company shares are held by company insiders. The book value of Imperial Oil was currently reported as 41.47. The company has Price/Earnings To Growth (PEG) ratio of 0.85. Imperial Oil recorded earning per share (EPS) of 6.19. The entity last dividend was issued on the 1st of March 2024. The firm had 3:1 split on the 30th of May 2006.
To determine if Imperial Oil is a good investment, evaluating the company's potential for future growth is also very important. This may include expanding into new markets, launching new products or services, or improving operational efficiency. Companies with strong growth prospects can be more attractive investments. This aspect of the research should be conducted in the context of the overall market and industry in which the company operates and should include an analysis of growth potential, competitive landscape, and any regulatory or economic factors that could impact the business. Some of the essential points regarding Imperial Oil's research are outlined below:
| About 70.0% of the company shares are held by company insiders | |
| On 1st of April 2024 Imperial Oil paid $ 0.446 per share dividend to its current shareholders | |
| Latest headline from streetinsider.com: Imperial Oil Ltd. PT Raised to Cdn105 at CIBC |
Imperial Oil Quarterly Accounts Payable |
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Imperial Oil uses earnings reports to provide investors with an update of all three financial statements, including the income statement, the balance sheet, and the cash flow statement. Therefore, it is also crucial when considering investing in Imperial Oil. Every quarterly earnings report provides investors with an overview of sales, expenses, and net income for the most recent period. It also may provide a comparison to Imperial Oil's previous reporting period. The quarterly earnings reports are usually disseminated to the public via Form 10-Q, which is a legal document filed with the Securities and Exchange Commission every quarter.
| 2nd of February 2024 Upcoming Quarterly Report | View | |
| 26th of April 2024 Next Financial Report | View | |
| 31st of December 2023 Next Fiscal Quarter End | View | |
| 2nd of February 2024 Next Fiscal Year End | View | |
| 30th of September 2023 Last Quarter Report | View | |
| 31st of December 2022 Last Financial Announcement | View |
Earnings surprises can significantly impact Imperial Oil's stock price both in the short term and over time. Negative earnings surprises usually result in a price decline. However, it has been seen that positive earnings surprises lead to an immediate rise in a stock's price and a gradual increase over time. This is why we often hear news about some companies beating earning projections. Financial analysts spend a large amount of time predicting earnings per share (EPS) along with other important future indicators. Many analysts use forecasting models, management guidance, and additional fundamental information to derive an EPS estimate. Below are the table of largest EPS Surprises Imperial Oil's investors have experienced.
| Reported | Fiscal Date | Estimated EPS | Reported EPS | Surprise | |||
|---|---|---|---|---|---|---|---|
1999-04-26 | 1999-03-31 | 0.05 | 0.04 | -0.01 | 20 | ||
1998-10-21 | 1998-09-30 | 0.1 | 0.09 | -0.01 | 10 | ||
1998-07-23 | 1998-06-30 | 0.07 | 0.08 | 0.01 | 14 | ||
1995-07-25 | 1995-06-30 | 0.08 | 0.09 | 0.01 | 12 | ||
2000-01-21 | 1999-12-31 | 0.15 | 0.17 | 0.02 | 13 | ||
1997-04-25 | 1997-03-31 | 0.11 | 0.13 | 0.02 | 18 | ||
1996-07-23 | 1996-06-30 | 0.09 | 0.07 | -0.02 | 22 | ||
1996-01-22 | 1995-12-31 | 0.07 | 0.05 | -0.02 | 28 |
Imperial Oil Target Price Consensus
We track the performance of the top 100 financial experts across various large and mid-size financial boutiques. Imperial target price is determined by taking all analyst projections and averaging them out. There is no one specific way to measure analysts' performance other than comparing it to past results via a very sophisticated attribution analysis. Imperial Oil's target price projections below should be used in combination with other traditional price prediction techniques such as stock price forecasting, investor sentiment analysis, technical analysis, earnings estimate, and various momentum models.
| 18 | Buy |
Most Imperial analysts issue ratings four times a year, at intervals of three months. Ratings are usually accompanied by a target price to help potential investors understand Imperial stock's fair price compared to its market value. Analysts arrive at stock ratings after researching the public financial statements of Imperial Oil, talking to its executives and customers, or listening to those companies' conference calls.
Macroaxis Advice Exposure ValuationImperial Oil Target Price Projection
Imperial Oil's current and average target prices are 70.70 and 67.37, respectively. The current price of Imperial Oil is the price at which Imperial Oil is currently trading. On the other hand, Imperial Oil's target price is what analysts think the stock is worth or could sell for in the future. The more significant the discrepancy between the two prices, the more it stimulates investors to act.Current Price
Imperial Oil Market Quote on 27th of April 2024
Target Price
Analyst Consensus On Imperial Oil Target Price
Imperial Oil Analyst Ratings
Imperial Oil's analyst stock recommendations are determined by taking an average estimate of all analysts we track and classifying them as Strong Buy, Buy, Hold, Strong Sell, or Sell. Ratings generally communicate what analysts sense about Imperial Oil stock, and they use a lot of effort and time to analyze it and arrive at a rating. That suggests that analyst recommendations are the outcome of an objective and thorough examination of Imperial Oil's financials, market performance, and future outlook by experienced professionals. Imperial Oil's historical ratings below, therefore, can serve as a valuable tool for investors.Imperial Oil's market capitalization trends
The company currently falls under 'Large-Cap' category with a total capitalization of 38.01 B. Market capitalization usually refers to the total value of a company's stock within the entire market. To calculate Imperial Oil's market, we take the total number of its shares issued and multiply it by Imperial Oil's current market price. To manage market risk and economic uncertainty, many investors today build portfolios that are diversified across equities with different market capitalizations. However, as a general rule, conservative investors tend to hold large-cap stocks, and those looking for more risk prefer small-cap and mid-cap equities.Market Cap |
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Imperial Oil's profitablity analysis
Imperial Oil's profitability indicators refer to fundamental financial ratios that showcase Imperial Oil's ability to generate income relative to its revenue or operating costs. If, let's say, Imperial Oil is currently losing money, the management's focus should be on how to reverse that trend. However, when revenue exceeds expenses, Imperial Oil's executives or investors may be in less hurry to break that information down - which is where profitability analysis comes into play. Gaining a greater understanding of Imperial Oil's profitability requires more research than a typical breakdown of Imperial Oil's financial statements. By doing a profitability analysis, companies can identify areas needing attention, and investors can make a profitable trade.
| Last Reported | Projected for Next Year | ||
| Return On Tangible Assets | 0.16 | 0.17 | |
| Return On Capital Employed | 0.25 | 0.15 | |
| Return On Assets | 0.16 | 0.17 | |
| Return On Equity | 0.30 | 0.31 |
Determining Imperial Oil's profitability involves analyzing its financial statements and using various financial metrics to determine if Imperial Oil is a good buy. For example, gross profit margin measures Imperial Oil's profitability after accounting for the cost of goods sold, while net profit margin measures profitability after accounting for all expenses. Other important metrics include return on assets, return on equity, and free cash flow. By reviewing multiple sources and metrics, you can gain a complete picture of Imperial Oil's profitability and make more informed investment decisions.
The data published in Imperial Oil's official financial statements usually reflect Imperial Oil's business processes, product offerings, services, and other fundamental events. But there are other numbers, ratios, or fundamental indicators derived from these statements that are easier to understand and visualize within the underlying realities that drive quantitative information of Imperial Oil. For example, before you start analyzing numbers published by Imperial accountants, it's critical to develop an understanding of what Imperial Oil's liquidity, profitability, and earnings quality are in the context of the Oil, Gas & Consumable Fuels space in which it operates.
Please note, the presentation of Imperial Oil's financial position, as portrayed in its financial statements, is often influenced by management's estimates, judgments, and sometimes even manipulations. In the best case, Imperial Oil's management is honest, while the outside auditors are strict and uncompromising. Whatever the case, the imprecision that can be found in Imperial Oil's accounting process means that the reasonable investor should take a skeptical approach toward the financial statement analysis of Imperial Oil. Please utilize our Beneish M Score to check the likelihood of Imperial Oil's management manipulating its earnings.
Evaluate Imperial Oil's management efficiency
Imperial Oil has Return on Asset of 0.0911 % which means that on every $100 spent on assets, it made $0.0911 of profit. This is way below average. In the same way, it shows a return on shareholders' equity (ROE) of 0.2191 %, implying that it generated $0.2191 on every 100 dollars invested. Imperial Oil's management efficiency ratios could be used to measure how well Imperial Oil manages its routine affairs as well as how well it operates its assets and liabilities. At this time, Imperial Oil's Return On Tangible Assets are very stable compared to the past year. As of the 27th of April 2024, Return On Assets is likely to grow to 0.17, while Return On Capital Employed is likely to drop 0.15. At this time, Imperial Oil's Return On Assets are very stable compared to the past year.| Last Reported | Projected for Next Year | ||
| Book Value Per Share | 38.66 | 40.59 | |
| Net Current Asset Value | 0.00 | 0.00 | |
| Tangible Asset Value | 0.00 | 0.00 | |
| Tangible Book Value Per Share | 38.37 | 40.29 | |
| Enterprise Value Over EBITDA | 4.21 | 6.94 | |
| Price Book Value Ratio | 1.96 | 1.98 | |
| Enterprise Value Multiple | 4.21 | 6.94 | |
| Price Fair Value | 1.96 | 1.98 | |
| Enterprise Value | 47 B | 49.3 B |
The analysis of Imperial Oil's management efficiency is an essential part of evaluating and assessing the financial and operational performance of the entity. It is also vital to analyze Imperial Oil's future growth prospects and the overall market conditions to determine the value and potential of its stock. The analysis involves studying a range of financial metrics such as revenue, earnings, profit margins, cash flow, debt, market share, and external factors such as economic trends, industry outlook, competition, and government regulations. The goal of Imperial Stock analysis is to determine whether it is undervalued, fairly valued, or overvalued and to make informed investment decisions.
Dividend Yield 0.0251 | Forward Dividend Yield 0.0251 | Forward Dividend Rate 1.77 | Beta 1.841 |
Basic technical analysis of Imperial Stock
As of the 27th of April, Imperial Oil retains the Risk Adjusted Performance of 0.1826, downside deviation of 1.38, and Market Risk Adjusted Performance of 3.11. Imperial Oil technical analysis makes it possible for you to employ historical prices and volume momentum with the intention to determine a pattern that calculates the direction of the firm's future prices. Simply put, you can use this information to find out if the firm will indeed mirror its model of historical price patterns, or the prices will eventually revert. We have collected data for nineteen technical drivers for Imperial Oil, which can be compared to its competitors. Please check out Imperial Oil standard deviation, maximum drawdown, as well as the relationship between the Maximum Drawdown and expected short fall to decide if Imperial Oil is priced fairly, providing market reflects its last-minute price of 70.7 per share. Given that Imperial Oil has jensen alpha of 0.3816, we strongly advise you to confirm Imperial Oil's regular market performance to make sure the company can sustain itself at a future point.Understand Imperial Oil's technical and predictive indicators
Using predictive indicators to make investment decisions involves analyzing Imperial Oil's various financial and market-based factors to help forecast future trends and identify investment opportunities. Select the indicators that are most relevant to your investment strategy. Each indicator has its own strengths and weaknesses, so it's essential to combine multiple indicators to get a more comprehensive view of the market and reduce the risk of making poor decisions based on limited data.
| Risk Adjusted Performance | 0.1826 | |||
| Market Risk Adjusted Performance | 3.11 | |||
| Mean Deviation | 1.14 | |||
| Semi Deviation | 1.01 | |||
| Downside Deviation | 1.38 | |||
| Coefficient Of Variation | 352.43 | |||
| Standard Deviation | 1.42 | |||
| Variance | 2.0 | |||
| Information Ratio | 0.2207 | |||
| Jensen Alpha | 0.3816 | |||
| Total Risk Alpha | 0.2119 | |||
| Sortino Ratio | 0.2263 | |||
| Treynor Ratio | 3.1 | |||
| Maximum Drawdown | 6.8 | |||
| Value At Risk | (1.93) | |||
| Potential Upside | 2.56 | |||
| Downside Variance | 1.91 | |||
| Semi Variance | 1.01 | |||
| Expected Short fall | (1.28) | |||
| Skewness | (0.24) | |||
| Kurtosis | (0.11) |
| Risk Adjusted Performance | 0.1826 | |||
| Market Risk Adjusted Performance | 3.11 | |||
| Mean Deviation | 1.14 | |||
| Semi Deviation | 1.01 | |||
| Downside Deviation | 1.38 | |||
| Coefficient Of Variation | 352.43 | |||
| Standard Deviation | 1.42 | |||
| Variance | 2.0 | |||
| Information Ratio | 0.2207 | |||
| Jensen Alpha | 0.3816 | |||
| Total Risk Alpha | 0.2119 | |||
| Sortino Ratio | 0.2263 | |||
| Treynor Ratio | 3.1 | |||
| Maximum Drawdown | 6.8 | |||
| Value At Risk | (1.93) | |||
| Potential Upside | 2.56 | |||
| Downside Variance | 1.91 | |||
| Semi Variance | 1.01 | |||
| Expected Short fall | (1.28) | |||
| Skewness | (0.24) | |||
| Kurtosis | (0.11) |
Consider Imperial Oil's intraday indicators
Imperial Oil intraday indicators are useful technical analysis tools used by many experienced traders. Just like the conventional technical analysis, daily indicators help intraday investors to analyze the price movement with the timing of Imperial Oil stock daily movement. By combining multiple daily indicators into a single trading strategy, you can limit your risk while still earning strong returns on your managed positions.
| Accumulation Distribution | 20898.99 | |||
| Daily Balance Of Power | (0.27) | |||
| Rate Of Daily Change | 0.99 | |||
| Day Median Price | 70.32 | |||
| Day Typical Price | 70.45 | |||
| Price Action Indicator | 0.095 | |||
| Period Momentum Indicator | (0.57) |
Imperial Oil Corporate Filings
8K | 26th of April 2024 Report filed with the SEC to announce major events that shareholders should know about | ViewVerify |
13A | 15th of February 2024 An amended filing to the original Schedule 13G | ViewVerify |
13A | 9th of February 2024 The form used by investors holding more than 5% of a company's stock, to report their beneficial ownership pursuant to Rule 13d-1 or Rule 13d-2 under the Securities Exchange Act of 1934 | ViewVerify |
| 15th of November 2023 Other Reports | ViewVerify |
Imperial Stock media impact
Far too much social signal, news, headlines, and media speculation about Imperial Oil that are available to investors today. That information is available publicly through Imperial media outlets and privately through word of mouth or via Imperial internal channels. However, regardless of the origin, that massive amount of Imperial data is challenging to quantify into actionable patterns, especially for investors that are not very sophisticated with ever-evolving tools and techniques used in the investment management field.
A primary focus of Imperial Oil news analysis is to determine if its current price reflects all relevant headlines and social signals impacting the current market conditions. A news analyst typically looks at the history of Imperial Oil relative headlines and hype rather than examining external drivers such as technical or fundamental data. It is believed that price action tends to repeat itself due to investors' collective, patterned thinking related to Imperial Oil's headlines and news coverage data. This data is often completely overlooked or insufficiently analyzed for actionable insights to drive Imperial Oil alpha.
Imperial Oil Sentiment by Major News Outlets
Investor sentiment, mood or attitude towards Imperial Oil can have a significant impact on its stock price or the market as a whole. This sentiment can be positive or negative, and various factors, such as economic indicators, news events, or market trends, can influence it. When investor sentiment is positive, investors are more likely to buy stocks, increasing demand and increasing the stock price. Positive investor sentiment can be driven by good news about the company or the broader market, such as solid earnings reports or positive economic data.
Note that negative investor sentiment can cause investors to sell stocks, leading to a decrease in demand and a drop in the stock price. Negative sentiment can be driven by factors such as poor earnings reports, negative news about the company or industry, or broader economic concerns. It's important to note that investor sentiment is just one of many factors that can affect stock prices. Other factors, such as company performance, industry trends, and global economic conditions, can also play a significant role in determining the value of a stock.
Imperial Oil Maximum Pain Price across 2024-05-17 Option Contracts
Imperial Oil's options can also be used to analyze investors' bias and current market sentiment in the context of behavioral finance. For example, Max pain usually refers to a trading concept that asserts that market manipulation can cause the market price of Imperial Oil close to the expiration of its current option contract to expire worthlessly. According to most research, about 35% of options are not executed, with roughly 50% traded out before expiration. So, Max pain occurs when market makers reach a net favorable position across all options at a strike price where option holders stand to lose the most money. By contrast, option sellers may reap the most after selling more options than buying, causing them to expire worthlessly. Please continue to view the detailed analysis of Imperial Oil's options.
Be your own money manager
Our tools can tell you how much better you can do entering a position in Imperial Oil without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Imperial Oil Corporate Directors
Imperial Oil corporate directors refer to members of an Imperial Oil board of directors. The board of directors generally takes responsibility for the Imperial Oil's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Imperial Oil's board members must vote for the resolution. The Imperial Oil board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.| David Brownel | Director | Profile | |
| David Cornhill | Independent Director | Profile | |
| David Sutherland | Independent Director | Profile | |
| Jack Mintz | Independent Director | Profile |
How to buy Imperial Stock?
To provide specific investment advice or recommendations on Imperial Oil stock, we recommend investors consider the following general factors when evaluating Imperial Oil. This will help you to make an informed decision on whether to include Imperial Oil in one of your diversified portfolios:- Examine Imperial Oil's financial health by looking at its balance sheet, income statement, and cash flow statement. Analyze key financial ratios, such as Price-to-Earnings (P/E), Price-to-Sales (P/S), and Price-to-Book (P/B), to determine whether the stock is fairly valued or over/undervalued.
- Research Imperial Oil's leadership team and their track record. Good management can help Imperial Oil navigate difficult times and make strategic decisions that benefit shareholders and increases its net worth.
- Consider the overall health of the Oil, Gas & Consumable Fuels space and any emerging trends that could impact Imperial Oil's business and its evolving consumer preferences.
- Compare Imperial Oil's performance and market position to its competitors. Analyze how Imperial Oil is positioned in terms of product offerings, innovation, and market share.
- Check if Imperial Oil pays a dividend and its dividend yield and payout ratio.
- Review what financial analysts are saying about Imperial Oil's stock and their price targets. However, remember that analysts' opinions can vary, and their predictions may not always be accurate.
It's important to note that investing in Imperial Oil stock, carries risks, and you should carefully consider your investment goals and risk tolerance before making any investment decisions. Also, remember that it's important for investors to have a long-term perspective and a well-diversified portfolio to manage the impact of stock market volatility on their investments. Below is a detailed guide on how to decide if Imperial Oil is a good investment.
Already Invested in Imperial Oil?
The danger of trading Imperial Oil is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Imperial Oil is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Imperial Oil. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Imperial Oil is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Imperial Oil offers a strong return on investment in its stock, a comprehensive analysis is essential. The process typically begins with a thorough review of Imperial Oil's financial statements, including income statements, balance sheets, and cash flow statements, to assess its financial health. Key financial ratios are used to gauge profitability, efficiency, and growth potential of Imperial Oil Stock. Outlined below are crucial reports that will aid in making a well-informed decision on Imperial Oil Stock: Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Imperial Oil. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in population. To learn how to invest in Imperial Stock, please use our How to Invest in Imperial Oil guide.You can also try the Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Complementary Tools for Imperial Stock analysis
When running Imperial Oil's price analysis, check to measure Imperial Oil's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Imperial Oil is operating at the current time. Most of Imperial Oil's value examination focuses on studying past and present price action to predict the probability of Imperial Oil's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Imperial Oil's price. Additionally, you may evaluate how the addition of Imperial Oil to your portfolios can decrease your overall portfolio volatility.
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Is Imperial Oil's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Imperial Oil. If investors know Imperial will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Imperial Oil listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth (0.14) | Dividend Share 1.94 | Earnings Share 6.19 | Revenue Per Share 88.208 | Quarterly Revenue Growth (0.1) |
The market value of Imperial Oil is measured differently than its book value, which is the value of Imperial that is recorded on the company's balance sheet. Investors also form their own opinion of Imperial Oil's value that differs from its market value or its book value, called intrinsic value, which is Imperial Oil's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Imperial Oil's market value can be influenced by many factors that don't directly affect Imperial Oil's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
In summary, please note that there is a difference between Imperial Oil's value and its price, as these two are different measures arrived at by various means. Investors typically determine if Imperial Oil is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Imperial Oil's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.