Mackenzie Financial Corp Grows Stake in Imperial Oil Limited (NYSEAMERICAN:IMO)

Key Points

• Mackenzie Financial Corp increased its stake in Imperial Oil by 54.7% in the first quarter, now owning approximately 690,024 shares valued at $49.8 million.
• Imperial Oil recently raised its quarterly dividend to $0.523, representing a 2.46% yield, an increase from the previous $0.50 dividend.
• Analyst ratings for Imperial Oil are mixed, with three analysts giving a sell rating while five maintain a hold rating, and the stock has a consensus target price of $105.50.

Mackenzie Financial Corp grew its position in Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 54.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 690,024 shares of the energy company's stock after purchasing an additional 243,894 shares during the quarter. Mackenzie Financial Corp owned about 0.14% of Imperial Oil worth $49,842,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC lifted its stake in shares of Imperial Oil by 16.9% during the fourth quarter. FMR LLC now owns 43,162,088 shares of the energy company's stock worth $2,659,965,000 after buying an additional 6,228,461 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Imperial Oil during the fourth quarter valued at $19,507,000. Geode Capital Management LLC lifted its position in 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 purchasing an additional 244,176 shares during the period. JPMorgan Chase & Co. lifted its position in Imperial Oil by 29.0% during 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. Finally, Genus Capital Management Inc. lifted its position in Imperial Oil by 292.6% during the first quarter. Genus Capital Management Inc. now owns 94,512 shares of the energy company's stock valued at $6,826,000 after purchasing an additional 143,581 shares during the period. 20.74% of the stock is owned by hedge funds and other institutional investors.

Imperial Oil Stock Up 1.4%

IMO opened at $84.89 on Tuesday. Imperial Oil Limited has a fifty-two week low of $58.76 and a fifty-two week high of $85.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.22 and a current ratio of 1.48. The company has a fifty day moving average of $78.47 and a two-hundred day moving average of $71.18. The stock has a market capitalization of $43.21 billion, a price-to-earnings ratio of 12.69 and a beta of 0.89.

Imperial Oil Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Wednesday, June 4th were issued a $0.523 dividend. This represents a $2.09 annualized dividend and a yield of 2.46%. This is a boost from Imperial Oil's previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Wednesday, June 4th. Imperial Oil's payout ratio is presently 31.87%.

Wall Street Analyst Weigh In

IMO has been the subject of a number of research reports. Desjardins downgraded shares of Imperial Oil from a "hold" rating to a "strong sell" rating in a research report on Tuesday, June 3rd. Raymond James Financial cut shares of Imperial Oil from a "moderate buy" rating to a "hold" rating in a report on Thursday, July 3rd. Wolfe Research cut shares of Imperial Oil from an "outperform" rating to a "peer perform" rating in a report on Wednesday, July 23rd. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $101.00 price objective on shares of Imperial Oil in a report on Thursday, April 3rd. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus 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.

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