Hsbc Holdings PLC Reduces Stock Holdings in Imperial Oil Limited $IMO

Key Points

• Hsbc Holdings PLC reduced its investment in Imperial Oil Limited by 32.8% during the first quarter, owning 71,362 shares valued at $5.15 million after selling 34,814 shares.
• Several other institutional investors have increased their stakes, with Quantbot Technologies LP's investment rising by 485.9% during the same period.
• Wall Street analysts have downgraded Imperial Oil's stock ratings, with the consensus rating currently at "Reduce" and a target price of $105.50.

Hsbc Holdings PLC decreased its position in Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 32.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 71,362 shares of the energy company's stock after selling 34,814 shares during the quarter. Hsbc Holdings PLC's holdings in Imperial Oil were worth $5,154,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Imperial Oil in the fourth quarter worth about $19,507,000. Mackenzie Financial Corp raised its stake 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 buying an additional 243,894 shares during the period. Nuveen LLC bought a new position in shares of Imperial Oil in the first quarter worth about $13,673,000. Genus Capital Management Inc. raised its stake in shares of Imperial Oil by 292.6% in the first quarter. Genus Capital Management Inc. now owns 94,512 shares of the energy company's stock worth $6,826,000 after buying an additional 143,581 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Imperial Oil by 64.6% in the fourth quarter. Northern Trust Corp now owns 195,132 shares of the energy company's stock worth $12,020,000 after buying an additional 76,551 shares during the period. Institutional investors own 20.74% of the company's stock.

Wall Street Analysts Forecast Growth

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

Imperial Oil Price Performance

NYSEAMERICAN IMO traded up $0.68 during trading on Thursday, hitting $90.50. 484,811 shares of the stock traded hands, compared to its average volume of 357,206. The company has a market capitalization of $45.85 billion, a P/E ratio of 13.94 and a beta of 0.92. The firm has a 50-day simple moving average of $83.14 and a 200-day simple moving average of $74.22. 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 Limited has a 12-month low of $58.76 and a 12-month high of $90.64.

Imperial Oil Increases Dividend

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

About Imperial Oil

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.