The Manufacturers Life Insurance Company Sells 165,159 Shares of Imperial Oil Limited $IMO

Key Points

• The Manufacturers Life Insurance Company reduced its Imperial Oil stake by 20.2%, selling 165,159 shares and retaining 652,792 shares valued at approximately $85.4 million. Institutional investors collectively own 20.74% of the company.
• Imperial Oil shares opened at $128.80, near the upper end of their 52-week range, while the company maintains a quarterly dividend of $0.87 per share, yielding about 2.7% annually.
• Analyst sentiment remains cautious: Imperial Oil has a consensus rating of “Reduce” and an average price target of $116, below the reported share price, despite one recent upgrade to “strong buy.”

The Manufacturers Life Insurance Company trimmed its stake in Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 20.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 652,792 shares of the energy company's stock after selling 165,159 shares during the period. The Manufacturers Life Insurance Company owned 0.13% of Imperial Oil worth $85,426,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Compound Planning Inc. lifted its position in Imperial Oil by 3.5% during the first quarter. Compound Planning Inc. now owns 2,597 shares of the energy company's stock valued at $340,000 after purchasing an additional 88 shares in the last quarter. D.A. Davidson & CO. increased its position in Imperial Oil by 1.6% in the first quarter. D.A. Davidson & CO. now owns 5,913 shares of the energy company's stock worth $774,000 after buying an additional 91 shares in the last quarter. Ensign Peak Advisors Inc increased its position in Imperial Oil by 1.0% in the fourth quarter. Ensign Peak Advisors Inc now owns 9,924 shares of the energy company's stock worth $858,000 after buying an additional 100 shares in the last quarter. Smartleaf Asset Management LLC increased its position in Imperial Oil by 23.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 531 shares of the energy company's stock worth $46,000 after buying an additional 101 shares in the last quarter. Finally, Baron Wealth Management LLC raised its stake in shares of Imperial Oil by 3.2% in the first quarter. Baron Wealth Management LLC now owns 4,030 shares of the energy company's stock worth $527,000 after buying an additional 124 shares during the period. 20.74% of the stock is owned by institutional investors.

Imperial Oil Price Performance

Shares of Imperial Oil stock opened at $128.80 on Thursday. The stock's 50-day simple moving average is $120.77 and its 200-day simple moving average is $120.11. Imperial Oil Limited has a 52 week low of $81.87 and a 52 week high of $139.44. The company has a market capitalization of $62.29 billion, a price-to-earnings ratio of 30.38 and a beta of 0.45. The company has a quick ratio of 1.02, a current ratio of 1.23 and a debt-to-equity ratio of 0.17.

Imperial Oil Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Thursday, June 4th were paid a dividend of $0.87 per share. This represents a $3.48 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Thursday, June 4th. Imperial Oil's dividend payout ratio (DPR) is 38.24%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on IMO shares. Scotiabank reaffirmed a "sector perform" rating on shares of Imperial Oil in a research report on Friday, July 17th. Desjardins raised shares of Imperial Oil to a "hold" rating in a report on Thursday, July 16th. Imperial Capital restated a "sell" rating on shares of Imperial Oil in a research note on Tuesday, June 23rd. Zacks Research raised shares of Imperial Oil from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 15th. Finally, TD Securities reaffirmed a "sell" rating on shares of Imperial Oil in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $116.00.

Imperial Oil Company Profile

Imperial Oil NYSEAMERICAN: IMO is a Canadian integrated energy company involved in the exploration, production, refining and marketing of petroleum and petrochemical products. Headquartered in Calgary, Alberta, Imperial has operated in Canada for well over a century and is one of the country's long-standing energy firms. The company is majority-owned by Exxon Mobil Corporation, which provides strategic and technical links to global upstream and downstream capabilities.

Imperial's operations span upstream activities—exploration and production of crude oil, natural gas and oil-sands resources—and downstream operations including refining, manufacturing of fuels and lubricants, petrochemical products, and retail distribution.

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