The Manufacturers Life Insurance Company Has $116.64 Million Stock Holdings in Imperial Oil Limited $IMO

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Imperial Oil Limited by 58.7%, selling 2,280,409 shares and now owns 1,605,975 shares valued at $116.64 million.
• Imperial Oil has increased its quarterly dividend to $0.72 per share, reflecting a boost from the previous dividend of $0.52, which yields approximately 3.2% annually.
• Analyst ratings for Imperial Oil have been mixed, with one Buy rating, five Holds, and three Sells, leading to an average rating of "Reduce" and a price target of $105.50.

The Manufacturers Life Insurance Company lowered its position in shares of Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 58.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,605,975 shares of the energy company's stock after selling 2,280,409 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.32% of Imperial Oil worth $116,640,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the business. TD Asset Management Inc boosted its position in Imperial Oil by 1.0% during the 1st quarter. TD Asset Management Inc now owns 4,873,843 shares of the energy company's stock worth $352,014,000 after purchasing an additional 47,898 shares during the period. Bank of America Corp DE boosted its holdings in Imperial Oil by 1.1% in 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 purchasing an additional 26,891 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in Imperial Oil by 54.7% in the first quarter. Mackenzie Financial Corp now owns 690,024 shares of the energy company's stock valued at $49,842,000 after purchasing an additional 243,894 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Imperial Oil by 273.2% during the 1st 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 boosted its stake in shares of 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 last quarter. 20.74% of the stock is currently owned by hedge funds and other institutional investors.

Imperial Oil Stock Performance

IMO stock traded down $1.05 during trading on Wednesday, reaching $88.17. 498,087 shares of the company's stock were exchanged, compared to its average volume of 448,892. The firm has a market cap of $44.67 billion, a PE ratio of 13.59 and a beta of 0.94. The company's fifty day moving average price is $83.78 and its 200-day moving average price is $74.67. Imperial Oil Limited has a 1-year low of $58.76 and a 1-year high of $91.17. 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 announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Thursday, September 4th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 3.3%. This is a positive change from Imperial Oil's previous quarterly dividend of $0.52. The ex-dividend date is Thursday, September 4th. Imperial Oil's payout ratio is currently 31.87%.

Analyst Ratings Changes

IMO has been the topic of a number of research analyst reports. Wolfe Research downgraded shares of Imperial Oil from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 23rd. Tudor Pickering downgraded Imperial Oil from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Raymond James Financial downgraded Imperial Oil from a "moderate buy" rating to a "hold" rating in a report on Thursday, July 3rd. Desjardins downgraded Imperial Oil from a "hold" rating to a "strong sell" rating in a report on Tuesday, June 3rd. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Imperial Oil in a report on Monday, August 4th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Imperial Oil presently has a consensus rating of "Reduce" and a consensus price target 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.