Imperial Oil Limited $IMO Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia cut its stake in Imperial Oil by 22.1% in Q3, selling 107,341 shares and retaining 377,422 shares worth roughly $34.25 million.
• Imperial Oil raised its quarterly dividend to $0.87 (annualized $3.48, yield 2.9%) from $0.72; the record date is March 5 and the payment date is April 1.
• Multiple brokerages have downgraded the stock and MarketBeat shows a consensus rating of "Strong Sell" with a consensus target price of $116.

Bank of Nova Scotia reduced its stake in shares of Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 22.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 377,422 shares of the energy company's stock after selling 107,341 shares during the quarter. Bank of Nova Scotia owned 0.08% of Imperial Oil worth $34,249,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. MAI Capital Management boosted its position in Imperial Oil by 2,275.0% in the 2nd quarter. MAI Capital Management now owns 380 shares of the energy company's stock worth $30,000 after purchasing an additional 364 shares in the last quarter. Westside Investment Management Inc. grew its stake in shares of Imperial Oil by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 426 shares of the energy company's stock worth $38,000 after purchasing an additional 213 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Imperial Oil by 64.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 430 shares of the energy company's stock valued at $40,000 after purchasing an additional 169 shares in the last quarter. Tacita Capital Inc increased its holdings in shares of Imperial Oil by 66.8% during the 3rd quarter. Tacita Capital Inc now owns 934 shares of the energy company's stock valued at $85,000 after purchasing an additional 374 shares in the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of Imperial Oil in the 3rd quarter valued at $123,000. 20.74% of the stock is owned by institutional investors and hedge funds.

Imperial Oil Price Performance

Imperial Oil stock opened at $120.41 on Monday. The stock has a market capitalization of $58.23 billion, a P/E ratio of 26.29 and a beta of 0.66. The company's fifty day moving average price is $108.80 and its 200 day moving average price is $97.33. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.94 and a current ratio of 1.27. Imperial Oil Limited has a 1 year low of $58.76 and a 1 year high of $123.52.

Imperial Oil Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Thursday, March 5th will be given a $0.87 dividend. This represents a $3.48 annualized dividend and a dividend yield of 2.9%. This is a positive change from Imperial Oil's previous quarterly dividend of $0.72. The ex-dividend date is Thursday, March 5th. Imperial Oil's dividend payout ratio (DPR) is 38.69%.

Analyst Ratings Changes

A number of brokerages recently issued reports on IMO. TD Securities reissued a "sell" rating on shares of Imperial Oil in a report on Monday, February 23rd. Raymond James Financial downgraded shares of Imperial Oil from a "hold" rating to a "strong sell" rating in a research report on Monday, December 8th. BMO Capital Markets lowered shares of Imperial Oil from an "outperform" rating to a "market perform" rating in a research note on Monday, December 15th. Finally, Royal Bank Of Canada cut Imperial Oil from a "sector perform" rating to an "underperform" rating and set a $116.00 target price on the stock. in a research report on Monday, February 23rd. Five analysts have rated the stock with a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, Imperial Oil has a consensus rating of "Strong Sell" and a consensus 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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