Bank of Nova Scotia Has $41.49 Million Stock Holdings in Imperial Oil Limited (NYSEAMERICAN:IMO)

Key Points

• Bank of Nova Scotia increased its holdings in Imperial Oil Limited by 0.7% during Q1, now owning 0.11% of the company valued at approximately $41.5 million.
• Imperial Oil announced a quarterly dividend increase to $0.523 per share, marking a rise from the previous $0.50, with an annualized yield of 2.5%.
• Multiple analysts have downgraded their ratings on Imperial Oil, with a consensus rating of "Hold" and a price target of $105.50.

Bank of Nova Scotia grew its holdings in Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 0.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 574,221 shares of the energy company's stock after buying an additional 3,773 shares during the quarter. Bank of Nova Scotia owned approximately 0.11% of Imperial Oil worth $41,485,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC lifted its position in shares of Imperial Oil by 16.9% in the fourth quarter. FMR LLC now owns 43,162,088 shares of the energy company's stock valued at $2,659,965,000 after acquiring an additional 6,228,461 shares in the last quarter. TD Asset Management Inc grew its stake in shares of Imperial Oil by 1.0% during the first quarter. TD Asset Management Inc now owns 4,873,843 shares of the energy company's stock valued at $352,014,000 after buying an additional 47,898 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Imperial Oil by 1.1% during the fourth quarter. Bank of America Corp DE now owns 2,398,899 shares of the energy company's stock valued at $147,772,000 after buying an additional 26,891 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Imperial Oil by 29.0% during the fourth quarter. Geode Capital Management LLC now owns 1,086,840 shares of the energy company's stock valued at $67,634,000 after buying an additional 244,176 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Imperial Oil by 29.0% in the fourth quarter. JPMorgan Chase & Co. now owns 945,002 shares of the energy company's stock valued at $58,212,000 after purchasing an additional 212,707 shares during the period. Hedge funds and other institutional investors own 20.74% of the company's stock.

Imperial Oil Stock Down 1.0%

Imperial Oil stock traded down $0.81 on Tuesday, hitting $83.55. 72,169 shares of the stock traded hands, compared to its average volume of 459,998. The business's fifty day simple moving average is $79.72 and its 200 day simple moving average is $71.59. The firm has a market cap of $42.53 billion, a P/E ratio of 12.90 and a beta of 0.92. Imperial Oil Limited has a 1 year low of $58.76 and a 1 year high of $86.26. The company has a current ratio of 1.48, a quick ratio of 1.22 and a debt-to-equity ratio of 0.16.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Tudor Pickering lowered Imperial Oil from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Desjardins cut Imperial Oil from a "hold" rating to a "strong sell" rating in a research report on Tuesday, June 3rd. Raymond James Financial lowered shares of Imperial Oil from a "moderate buy" rating to a "hold" rating in a research note on Thursday, July 3rd. Finally, Wolfe Research lowered shares of Imperial Oil from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 23rd. Three equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $105.50.

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.