NewEdge Wealth LLC Grows Stock Holdings in Imperial Oil Limited $IMO

NewEdge Wealth LLC grew its holdings in shares of Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 7.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 72,657 shares of the energy company’s stock after purchasing an additional 5,063 shares during the quarter. NewEdge Wealth LLC’s holdings in Imperial Oil were worth $6,465,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in IMO. Vanguard Group Inc. lifted its position in Imperial Oil by 1.5% during the third quarter. Vanguard Group Inc. now owns 6,710,473 shares of the energy company’s stock worth $608,459,000 after buying an additional 100,665 shares during the period. Bank of Montreal Can lifted its holdings in shares of Imperial Oil by 16.2% during the 2nd quarter. Bank of Montreal Can now owns 3,235,443 shares of the energy company’s stock worth $257,194,000 after acquiring an additional 451,369 shares during the period. Bank of America Corp DE lifted its holdings in shares of Imperial Oil by 31.6% during the 2nd quarter. Bank of America Corp DE now owns 2,945,528 shares of the energy company’s stock worth $234,111,000 after acquiring an additional 707,985 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Imperial Oil by 18.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,053,989 shares of the energy company’s stock worth $163,413,000 after acquiring an additional 318,696 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Imperial Oil by 20.5% in the second quarter. Geode Capital Management LLC now owns 1,448,565 shares of the energy company’s stock valued at $116,420,000 after purchasing an additional 246,634 shares during the period. Hedge funds and other institutional investors own 20.74% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on IMO. TD Securities reaffirmed a “sell” rating on shares of Imperial Oil in a research note on Tuesday, November 4th. Raymond James Financial lowered Imperial Oil from a “hold” rating to a “strong sell” rating in a research report on Monday, December 8th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Imperial Oil in a report on Wednesday, November 5th. Finally, BMO Capital Markets lowered Imperial Oil from an “outperform” rating to a “market perform” rating in a research note on Monday, December 15th. Six investment analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $115.00.

Imperial Oil Price Performance

IMO stock opened at $122.55 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.17 and a current ratio of 1.47. Imperial Oil Limited has a 1 year low of $58.76 and a 1 year high of $123.52. The firm has a market cap of $59.26 billion, a P/E ratio of 26.76 and a beta of 0.70. The stock has a 50-day simple moving average of $98.47 and a 200-day simple moving average of $93.40.

Imperial Oil Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Thursday, March 5th will be paid a dividend of $0.87 per share. This is an increase from Imperial Oil’s previous quarterly dividend of $0.72. This represents a $3.48 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Thursday, March 5th. Imperial Oil’s payout ratio is 31.26%.

Imperial Oil Company Profile

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.