Scotia Capital Inc. Lowers Stock Position in Imperial Oil Limited (NYSEAMERICAN:IMO)

Key Points

• Scotia Capital Inc. reduced its stake in Imperial Oil by 6.2% during the first quarter, holding 225,796 shares valued at approximately $16.33 million.
• Multiple institutional investors are actively adjusting their holdings, with some buying into Imperial Oil, while others like Group One Trading LLC increased their position by nearly 30% in the last quarter.
• Recent analyst ratings for Imperial Oil include several downgrades, with one report noting a consensus rating of "Hold" and an average target price of $105.50.

Scotia Capital Inc. decreased its stake in Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 6.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 225,796 shares of the energy company's stock after selling 14,899 shares during the period. Scotia Capital Inc.'s holdings in Imperial Oil were worth $16,330,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Bank of Nova Scotia boosted its position in Imperial Oil by 0.7% during the 1st quarter. Bank of Nova Scotia now owns 574,221 shares of the energy company's stock valued at $41,485,000 after buying an additional 3,773 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Imperial Oil by 0.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 193,950 shares of the energy company's stock worth $14,026,000 after purchasing an additional 1,522 shares during the period. IFG Advisory LLC increased its stake in shares of Imperial Oil by 16.6% in the 1st quarter. IFG Advisory LLC now owns 32,223 shares of the energy company's stock worth $2,330,000 after acquiring an additional 4,581 shares in the last quarter. Mackenzie Financial Corp increased its stake in shares of Imperial Oil by 54.7% in the 1st quarter. Mackenzie Financial Corp now owns 690,024 shares of the energy company's stock worth $49,842,000 after acquiring an additional 243,894 shares in the last quarter. Finally, LPL Financial LLC increased its stake in shares of Imperial Oil by 68.6% in the 1st quarter. LPL Financial LLC now owns 79,692 shares of the energy company's stock worth $5,763,000 after acquiring an additional 32,437 shares in the last quarter. Institutional investors own 20.74% of the company's stock.

Analysts Set New Price Targets

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

Imperial Oil Trading Down 0.6%

NYSEAMERICAN:IMO traded down $0.51 during mid-day trading on Thursday, hitting $85.02. 166,056 shares of the stock traded hands, compared to its average volume of 460,335. The stock has a market capitalization of $43.28 billion, a price-to-earnings ratio of 13.10 and a beta of 0.92. Imperial Oil Limited has a 52 week low of $58.76 and a 52 week high of $86.91. The firm's 50 day moving average is $80.25 and its two-hundred day moving average is $71.83. The company has a quick ratio of 1.22, a current ratio of 1.58 and a debt-to-equity ratio of 0.16.

Imperial Oil Company 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.