Tariq Saad, an analyst from BMO Capital, maintained the Hold rating on International Petroleum Corporation. The associated price target is C$24.50.
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Tariq Saad’s rating is based on a combination of factors including the recent performance and future prospects of International Petroleum Corporation (IPC). The company has shown strong execution with its Blackrod development project, which is ahead of schedule and expected to begin oil production earlier than initially planned. This progress has led to an increase in production estimates for 2026. However, despite these positive developments, IPC’s stock has underperformed compared to its peers since the completion of the NCIB in late September.
While the accelerated timeline for Blackrod is promising, Tariq Saad believes that much of the potential upside is already reflected in the current share price. Additionally, the ability to fully execute the next NCIB could be limited by weaker oil prices. As a result, although the company’s fundamentals are strong, the stock’s relative value compared to its peers suggests a Hold rating is appropriate at this time.
In another report released yesterday, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a C$24.00 price target.
Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of IPCO in relation to earlier this year.