Imperial Oil Limited $IMO Stock Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its Imperial Oil stake by 85.2% in the second quarter, selling 10,571 shares and retaining 1,840 shares valued at approximately $206,000. Institutional investors collectively own 20.74% of the company.
• Imperial Oil reported strong quarterly results, with earnings of $4.52 per share versus the $2.99 consensus estimate and revenue up 43% year over year to $11.31 billion.
• The company declared a quarterly dividend of C$0.87, equivalent to C$3.48 annually and a 2.8% yield. Analyst sentiment remains cautious, with an average “Reduce” rating and a $116 price target.

Engineers Gate Manager LP reduced its stake in shares of Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 85.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,840 shares of the energy company's stock after selling 10,571 shares during the quarter. Engineers Gate Manager LP's holdings in Imperial Oil were worth $206,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. IFP Advisors Inc raised its position in Imperial Oil by 30.8% during the second quarter. IFP Advisors Inc now owns 5,326 shares of the energy company's stock valued at $597,000 after acquiring an additional 1,254 shares in the last quarter. Nykredit A S acquired a new position in shares of Imperial Oil during the 2nd quarter worth $1,040,000. Public Employees Retirement System of Ohio bought a new position in shares of Imperial Oil during the 2nd quarter valued at $1,180,000. Bank of New York Mellon Corp acquired a new stake in shares of Imperial Oil in the 2nd quarter valued at $24,051,000. Finally, CoreCap Advisors LLC boosted its holdings in Imperial Oil by 20.5% in the second quarter. CoreCap Advisors LLC now owns 954 shares of the energy company's stock worth $107,000 after purchasing an additional 162 shares in the last quarter. 20.74% of the stock is owned by hedge funds and other institutional investors.

Imperial Oil Stock Performance

NYSEAMERICAN IMO opened at $122.86 on Monday. The company's fifty day moving average is $129.81 and its two-hundred day moving average is $126.25. Imperial Oil Limited has a 52-week low of $83.27 and a 52-week high of $139.44. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.38 and a quick ratio of 1.19. The firm has a market capitalization of $59.17 billion, a price-to-earnings ratio of 19.93 and a beta of 0.46.

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

Imperial Oil Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be given a C$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 is 38.09%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on IMO shares. Zacks Research lowered 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 reaffirmed a "sell" rating on shares of Imperial Oil in a research report on Wednesday, August 5th. Desjardins upgraded Imperial Oil to a "hold" rating in a report on Thursday, July 16th. Finally, UBS Group reissued a "buy" rating on shares of Imperial Oil in a research report on Monday, September 14th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $116.00.

Imperial Oil Company Profile

Imperial Oil Limited is an integrated Canadian energy company engaged in the exploration, production, transportation, refining and marketing of crude oil and natural gas. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and an interest in the Syncrude oil sands project.

The company's downstream business operates refineries and produces gasoline, diesel, jet fuel, lubricants, asphalt and other petroleum products. Imperial markets fuels and related products across Canada primarily under the Esso and Mobil brands, serving retail, commercial, industrial and aviation customers.

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