Bank of Montreal Can Increases Stake in Imperial Oil Limited $IMO

Bank of Montreal Can increased its position in shares of Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 16.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,235,443 shares of the energy company’s stock after purchasing an additional 451,369 shares during the period. Bank of Montreal Can’s holdings in Imperial Oil were worth $257,194,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. TD Asset Management Inc lifted its stake in Imperial Oil by 1.0% in the first quarter. TD Asset Management Inc now owns 4,873,843 shares of the energy company’s stock worth $352,014,000 after purchasing an additional 47,898 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Imperial Oil by 395.8% during the first quarter. Goldman Sachs Group Inc. now owns 4,546,520 shares of the energy company’s stock valued at $328,804,000 after purchasing an additional 3,629,568 shares during the period. Mackenzie Financial Corp grew its holdings in shares of Imperial Oil by 54.7% in the first quarter. Mackenzie Financial Corp now owns 690,024 shares of the energy company’s stock worth $49,842,000 after purchasing an additional 243,894 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Imperial Oil by 273.2% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 658,949 shares of the energy company’s stock worth $47,607,000 after buying an additional 482,393 shares during the period. Finally, Amundi lifted its holdings in Imperial Oil by 0.5% during the 1st quarter. Amundi now owns 617,706 shares of the energy company’s stock valued at $42,368,000 after buying an additional 3,275 shares in the last quarter. 20.74% of the stock is currently owned by institutional investors.

Imperial Oil Trading Down 3.3%

IMO opened at $88.21 on Monday. The firm has a market cap of $43.83 billion, a price-to-earnings ratio of 13.59 and a beta of 0.83. The company has a current ratio of 1.58, a quick ratio of 1.34 and a debt-to-equity ratio of 0.16. Imperial Oil Limited has a 12 month low of $58.76 and a 12 month high of $96.09. The stock has a fifty day moving average price of $90.03 and a 200-day moving average price of $81.79.

Imperial Oil Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 1st. Shareholders of record on Wednesday, December 3rd will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, December 3rd. Imperial Oil’s dividend payout ratio is presently 31.87%.

Analysts Set New Price Targets

A number of brokerages have commented on IMO. Tudor Pickering downgraded shares of Imperial Oil from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. TD Securities cut Imperial Oil from a “hold” rating to a “sell” rating in a research note on Tuesday, September 30th. Cibc World Mkts downgraded Imperial Oil from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Wolfe Research lowered Imperial Oil from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, July 23rd. Finally, Zacks Research downgraded Imperial Oil from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 3rd. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, Imperial Oil currently has an average rating of “Reduce” and an average price target of $115.00.

Imperial Oil Profile

Imperial Oil Limited engages in exploration, production, and sale of crude oil and natural gas in Canada. The company operates through three segments: Upstream, Downstream and Chemical segments. The Upstream segment explores and produces crude oil, natural gas, synthetic crude oil, and bitumen. The Downstream segment transports and refines crude oil, blends refined products, and distributes and markets of refined products.