Imperial Oil Limited $IMO Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Imperial Oil stake by 24.1% in the first quarter, selling 691,993 shares and retaining 2.18 million shares worth approximately $285.7 million.
• Analyst sentiment remains cautious: Imperial Oil has a consensus rating of “Reduce”, with one Strong Buy, three Holds and five Sell ratings, alongside a consensus price target of $116.
• Imperial Oil declared a quarterly dividend of $0.87 per share, or $3.48 annualized, representing a 2.8% yield and a 38.24% payout ratio.

Bank of America Corp DE lessened its holdings in shares of Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 24.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,183,910 shares of the energy company's stock after selling 691,993 shares during the period. Bank of America Corp DE owned approximately 0.45% of Imperial Oil worth $285,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Root Financial Partners LLC raised its stake in shares of Imperial Oil by 87.8% during the 4th quarter. Root Financial Partners LLC now owns 293 shares of the energy company's stock valued at $25,000 after buying an additional 137 shares during the last quarter. McMillan Office Inc. acquired a new position in shares of Imperial Oil in the 4th quarter valued at about $26,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Imperial Oil by 737.7% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 511 shares of the energy company's stock worth $46,000 after buying an additional 450 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Imperial Oil by 23.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 531 shares of the energy company's stock worth $46,000 after buying an additional 101 shares during the last quarter. Finally, Measured Wealth Private Client Group LLC acquired a new stake in Imperial Oil during the third quarter worth about $54,000. 20.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Imperial Capital reiterated a "sell" rating on shares of Imperial Oil in a research report on Tuesday, June 23rd. Zacks Research upgraded Imperial Oil from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 15th. Scotiabank reaffirmed a "sector perform" rating on shares of Imperial Oil in a research note on Friday, July 17th. TD Securities reaffirmed a "sell" rating on shares of Imperial Oil in a report on Wednesday, May 13th. Finally, Desjardins upgraded shares of Imperial Oil to a "hold" rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and five have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $116.00.

Imperial Oil Price Performance

NYSEAMERICAN:IMO opened at $126.35 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.23 and a debt-to-equity ratio of 0.17. Imperial Oil Limited has a 52 week low of $82.08 and a 52 week high of $139.44. The stock's 50-day moving average price is $120.46 and its 200-day moving average price is $120.85. The stock has a market capitalization of $61.10 billion, a PE ratio of 20.49 and a beta of 0.45.

Imperial Oil Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 4th will be issued a $0.87 dividend. This represents a $3.48 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, September 4th. Imperial Oil's dividend payout ratio (DPR) is presently 38.24%.

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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