Cresset Asset Management LLC Takes $310,000 Position in Imperial Oil Limited $IMO

Key Points

• Cresset Asset Management LLC invested $310,000 in Imperial Oil Limited, acquiring 4,262 shares in the first quarter.
• Multiple institutional investors have increased their stakes in Imperial Oil, including Mackenzie Financial Corp, which raised its holdings by 54.7%.
• Analysts have recently downgraded Imperial Oil ratings, with Wolfe Research moving from "outperform" to "peer perform" and Desjardins changing from "hold" to "strong sell."

Cresset Asset Management LLC purchased a new stake in Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 4,262 shares of the energy company's stock, valued at approximately $310,000.

Other institutional investors have also added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Imperial Oil during the 4th quarter worth $19,507,000. Mackenzie Financial Corp increased its stake in Imperial Oil by 54.7% during the 1st quarter. Mackenzie Financial Corp now owns 690,024 shares of the energy company's stock worth $49,842,000 after acquiring an additional 243,894 shares during the period. Nuveen LLC bought a new position in Imperial Oil during the 1st quarter worth $13,673,000. Genus Capital Management Inc. increased its stake in Imperial Oil by 292.6% during the 1st quarter. Genus Capital Management Inc. now owns 94,512 shares of the energy company's stock worth $6,826,000 after acquiring an additional 143,581 shares during the period. Finally, Northern Trust Corp increased its stake in Imperial Oil by 64.6% during the 4th quarter. Northern Trust Corp now owns 195,132 shares of the energy company's stock worth $12,020,000 after acquiring an additional 76,551 shares during the period. 20.74% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Desjardins lowered Imperial Oil from a "hold" rating to a "strong sell" rating in a research note on Tuesday, June 3rd. Wolfe Research lowered Imperial Oil from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 23rd. Tudor Pickering cut Imperial Oil from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. BMO Capital Markets restated an "outperform" rating on shares of Imperial Oil in a research note on Monday, August 4th. Finally, Raymond James Financial cut Imperial Oil from a "moderate buy" rating to a "hold" rating in a research note on Thursday, July 3rd. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $105.50.

Imperial Oil Price Performance

Shares of NYSEAMERICAN IMO traded up $0.28 during midday trading on Friday, reaching $90.78. 218,364 shares of the company were exchanged, compared to its average volume of 339,075. The stock's 50-day moving average price is $83.34 and its 200-day moving average price is $74.41. The stock has a market cap of $45.99 billion, a P/E ratio of 13.99 and a beta of 0.94. Imperial Oil Limited has a one year low of $58.76 and a one year high of $91.17. The company has a quick ratio of 1.34, a current ratio of 1.58 and a debt-to-equity ratio of 0.16.

Imperial Oil Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.72 per share. The ex-dividend date of this dividend is Thursday, September 4th. This is a boost from Imperial Oil's previous quarterly dividend of $0.52. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.2%. Imperial Oil's payout ratio is presently 31.87%.

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.