10:00 AM EDT, 04/29/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of CAD100, up CAD21, reflects a 7.1x multiple of enterprise value to projected 2024 EBITDA, a discount to IMO's historical forward average. We believe a discount is merited due to 1 mb/d in new global refining capacity that is set to come online (per the International Energy Agency), placing upward pressure on supply levels for refined products, which could impact IMO's margins. We lower our 2024 EPS view by CAD0.15 to CAD9.08 and 2025's by CAD0.54 to CAD8.12. Q1 EPS of CAD2.23 vs. CAD2.13, beat consensus estimates by CAD0.15. Q1 production (421k boe/d) rose 2% Y/Y due to higher Kearl production volumes (+6.5%). Refining utilization (94%) fell two percentage points Y/Y, while throughput volumes (407k b/d) fell 2.3% due to turnaround activity. IMO reiterated its 2024 guide, with expected production to be in the range of 420k-442k boe/d (vs. 413k boe/d in 2023), while capex is expected to be in the range of CAD1.7B (vs. CAD1.88B). Shares currently yield ~2.5%.