Bank of Nova Scotia Grows Position 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 raised its stake in Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 0.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 about 0.11% of Imperial Oil worth $41,485,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Wayfinding Financial LLC acquired a new position in Imperial Oil in the 1st quarter valued at about $26,000. Group One Trading LLC grew its holdings in shares of Imperial Oil by 29.7% in the fourth quarter. Group One Trading LLC now owns 755 shares of the energy company's stock valued at $47,000 after purchasing an additional 173 shares in the last quarter. Continuum Advisory LLC purchased a new stake in Imperial Oil during the 1st quarter worth approximately $71,000. AdvisorNet Financial Inc lifted its holdings in Imperial Oil by 104.0% during the 1st quarter. AdvisorNet Financial Inc now owns 1,275 shares of the energy company's stock worth $92,000 after buying an additional 650 shares in the last quarter. Finally, Pacifica Partners Inc. boosted its position in Imperial Oil by 141.1% in the 1st quarter. Pacifica Partners Inc. now owns 2,440 shares of the energy company's stock valued at $167,000 after buying an additional 1,428 shares during the period. Hedge funds and other institutional investors own 20.74% of the company's stock.

Imperial Oil Price Performance

Shares of IMO stock traded down $0.22 during mid-day trading on Thursday, reaching $85.31. The stock had a trading volume of 85,160 shares, compared to its average volume of 459,681. The company has a market cap of $43.43 billion, a P/E ratio of 13.18 and a beta of 0.92. The company has a current ratio of 1.58, a quick ratio of 1.22 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 $86.91. The business has a 50-day simple moving average of $80.25 and a 200 day simple moving average of $71.83.

Wall Street Analyst Weigh In

Several research firms have commented on IMO. Desjardins cut shares of Imperial Oil from a "hold" rating to a "strong sell" rating in a report on Tuesday, June 3rd. Tudor Pickering cut Imperial Oil from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Imperial Oil in a research report on Monday. Raymond James Financial downgraded Imperial Oil from a "moderate buy" rating to a "hold" rating in a report on Thursday, July 3rd. Finally, Wolfe Research cut Imperial Oil from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 23rd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $105.50.

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.