Imperial Oil Limited $IMO Shares Sold by OMERS ADMINISTRATION Corp

Key Points

• OMERS ADMINISTRATION Corp has reduced its stake in Imperial Oil Limited by 2.9% during Q1, retaining 137,500 shares valued at approximately $9.93 million.
• Multiple hedge funds have adjusted their holdings in Imperial Oil, with Northwestern Mutual Wealth Management Co. increasing its stake by 88.5%, while British Columbia Investment Management Corp. boosted its holdings by 273.2%.
• The stock recently saw a 2.3% increase in value, with analysts issuing varied ratings, resulting in an average rating of "Reduce" and a consensus price target of $105.50.

OMERS ADMINISTRATION Corp trimmed its position in shares of Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 2.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 137,500 shares of the energy company's stock after selling 4,100 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Imperial Oil were worth $9,931,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. TD Asset Management Inc lifted its position 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 lifted its position 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. Mackenzie Financial Corp lifted its position in shares of Imperial Oil by 54.7% during the first quarter. Mackenzie Financial Corp now owns 690,024 shares of the energy company's stock valued at $49,842,000 after buying an additional 243,894 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Imperial Oil by 273.2% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 658,949 shares of the energy company's stock valued at $47,607,000 after buying an additional 482,393 shares during the last quarter. Finally, Bank of Nova Scotia lifted its position in shares of Imperial Oil by 0.7% during the first 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 last quarter. 20.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IMO has been the subject of several analyst reports. Tudor Pickering lowered shares of Imperial Oil from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Imperial Oil in a research report on Monday, August 4th. 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. Desjardins lowered shares of Imperial Oil from a "hold" rating to a "strong sell" rating in a research report on Tuesday, June 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. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Imperial Oil currently has a consensus rating of "Reduce" and an average target price of $105.50.

Imperial Oil Stock Performance

Shares of NYSEAMERICAN IMO traded down $1.67 during midday trading on Tuesday, reaching $89.11. 171,511 shares of the stock were exchanged, compared to its average volume of 446,514. The firm has a market cap of $45.14 billion, a price-to-earnings ratio of 13.73 and a beta of 0.94. Imperial Oil Limited has a twelve month low of $58.76 and a twelve month high of $91.17. The firm has a 50-day simple moving average of $83.57 and a two-hundred day simple moving average of $74.54. The company has a quick ratio of 1.34, a current ratio of 1.58 and a debt-to-equity ratio of 0.16.

Imperial Oil Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Thursday, September 4th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Thursday, September 4th. This is a positive change from Imperial Oil's previous quarterly dividend of $0.52. Imperial Oil's dividend payout ratio is 31.87%.

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.