214,703 Shares in Imperial Oil Limited $IMO Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 214,703 shares of Imperial Oil valued at approximately $24.1 million, while institutional investors and hedge funds collectively own 20.74% of the company.
• Imperial Oil reported strong quarterly results, with earnings per share of $4.52 versus the $2.99 consensus estimate and revenue of $11.31 billion, up 43% year over year.
• The company declared a quarterly dividend of $0.87 per share, equivalent to a 2.7% annualized yield, but analysts remain cautious: the stock has a consensus “Strong Sell” rating and an average target price of $116.

Bank of New York Mellon Corp bought a new position in Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 214,703 shares of the energy company's stock, valued at approximately $24,051,000.

Other institutional investors have also modified their holdings of the company. Public Employees Retirement System of Ohio lifted its position in shares of Imperial Oil by 120.5% in the 1st quarter. Public Employees Retirement System of Ohio now owns 26,759 shares of the energy company's stock valued at $3,497,000 after acquiring an additional 14,624 shares in the last quarter. NewEdge Wealth LLC grew its stake in Imperial Oil by 15.6% in the 1st quarter. NewEdge Wealth LLC now owns 87,203 shares of the energy company's stock valued at $11,408,000 after buying an additional 11,737 shares during the last quarter. Triasima Portfolio Management inc. increased its position in Imperial Oil by 17.6% in the 4th quarter. Triasima Portfolio Management inc. now owns 83,975 shares of the energy company's stock worth $7,264,000 after buying an additional 12,570 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of Imperial Oil during the 1st quarter worth about $93,097,000. Finally, Generali Asset Management SPA SGR raised its stake in shares of Imperial Oil by 37.3% in the fourth quarter. Generali Asset Management SPA SGR now owns 14,753 shares of the energy company's stock valued at $1,273,000 after purchasing an additional 4,007 shares in the last quarter. Institutional investors and hedge funds own 20.74% of the company's stock.

Imperial Oil Price Performance

IMO opened at $130.51 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.19 and a current ratio of 1.38. The company has a market capitalization of $63.11 billion, a P/E ratio of 21.17 and a beta of 0.45. Imperial Oil Limited has a fifty-two week low of $83.27 and a fifty-two week high of $139.44. The stock has a fifty day moving average of $124.58 and a 200-day moving average of $124.67.

Imperial Oil (NYSEAMERICAN:IMO - Get Free Report) TSE: IMO last released its quarterly earnings results on Friday, July 31st. The energy company reported $4.52 earnings per share for the quarter, beating analysts' consensus estimates of $2.99 by $1.53. The company had revenue of $11.31 billion during the quarter, compared to the consensus estimate of $10.92 billion. Imperial Oil had a net margin of 8.03% and a return on equity of 22.28%. The firm's quarterly revenue was up 43.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.86 earnings per share. On average, equities analysts expect that Imperial Oil Limited will post 11.19 EPS for the current year.

Imperial Oil Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 4th will be paid a dividend of $0.87 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $3.48 annualized dividend and a yield of 2.7%. Imperial Oil's payout ratio is presently 38.24%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on IMO. Scotiabank reiterated a "sector perform" rating on shares of Imperial Oil in a research note on Friday, July 17th. Zacks Research downgraded Imperial Oil from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Imperial Capital restated a "sell" rating on shares of Imperial Oil in a report on Tuesday, June 23rd. TD Securities reiterated a "sell" rating on shares of Imperial Oil in a report on Wednesday, August 5th. Finally, Desjardins raised Imperial Oil to a "hold" rating in a research report on Thursday, July 16th. Four analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company's stock. According to data from MarketBeat, Imperial Oil has a consensus rating of "Strong Sell" and an average target price of $116.00.

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.

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