Cibc World Market Inc. Reduces Stock Position in Imperial Oil Limited $IMO

Cibc World Market Inc. lessened its stake in Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 20.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,147,044 shares of the energy company’s stock after selling 289,719 shares during the period. Cibc World Market Inc. owned approximately 0.23% of Imperial Oil worth $103,984,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. IMG Wealth Management Inc. purchased a new position in shares of Imperial Oil in the 2nd quarter worth $28,000. MAI Capital Management lifted its holdings in Imperial Oil by 2,275.0% in the second quarter. MAI Capital Management now owns 380 shares of the energy company’s stock valued at $30,000 after acquiring an additional 364 shares during the period. Westside Investment Management Inc. lifted its holdings in Imperial Oil by 100.0% in the third quarter. Westside Investment Management Inc. now owns 426 shares of the energy company’s stock valued at $38,000 after acquiring an additional 213 shares during the period. Smartleaf Asset Management LLC boosted its position in Imperial Oil by 64.8% in the third quarter. Smartleaf Asset Management LLC now owns 430 shares of the energy company’s stock worth $40,000 after purchasing an additional 169 shares during the last quarter. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of Imperial Oil during the 3rd quarter valued at about $123,000. 20.74% of the stock is currently owned by hedge funds and other institutional investors.

Imperial Oil Stock Performance

Shares of NYSEAMERICAN IMO opened at $114.58 on Wednesday. The firm has a fifty day moving average price of $94.72 and a 200-day moving average price of $91.80. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.47 and a quick ratio of 1.17. The stock has a market cap of $55.41 billion, a PE ratio of 25.02 and a beta of 0.70. Imperial Oil Limited has a 1 year low of $58.76 and a 1 year high of $114.96.

Imperial Oil Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Thursday, March 5th will be paid a dividend of $0.87 per share. This is a boost from Imperial Oil’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $3.48 annualized dividend and a yield of 3.0%. Imperial Oil’s dividend payout ratio is 31.26%.

Analyst Ratings Changes

Several equities research analysts have recently commented on IMO shares. Raymond James Financial cut shares of Imperial Oil from a “hold” rating to a “strong sell” rating in a research note on Monday, December 8th. TD Securities reaffirmed a “sell” rating on shares of Imperial Oil in a report on Tuesday, November 4th. Canadian Imperial Bank of Commerce downgraded shares of Imperial Oil from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. BMO Capital Markets downgraded shares of Imperial Oil from an “outperform” rating to a “market perform” rating in a research report on Monday, December 15th. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Imperial Oil in a research note on Wednesday, November 5th. Six investment analysts have rated the stock with a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $115.00.

About Imperial Oil

Imperial Oil (NYSEAMERICAN: IMO) is a Canadian integrated energy company involved in the exploration, production, refining and marketing of petroleum and petrochemical products. Headquartered in Calgary, Alberta, Imperial has operated in Canada for well over a century and is one of the country’s long-standing energy firms. The company is majority-owned by Exxon Mobil Corporation, which provides strategic and technical links to global upstream and downstream capabilities.

Imperial’s operations span upstream activities—exploration and production of crude oil, natural gas and oil-sands resources—and downstream operations including refining, manufacturing of fuels and lubricants, petrochemical products, and retail distribution.