CIBC Asset Management Inc Sells 7,568 Shares of Imperial Oil Limited $IMO

CIBC Asset Management Inc decreased its stake in shares of Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 4.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 160,085 shares of the energy company’s stock after selling 7,568 shares during the quarter. CIBC Asset Management Inc’s holdings in Imperial Oil were worth $13,839,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Imperial Oil by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 6,710,473 shares of the energy company’s stock worth $608,459,000 after purchasing an additional 100,665 shares during the last quarter. Bank of America Corp DE grew its position in Imperial Oil by 30.4% during the 3rd quarter. Bank of America Corp DE now owns 3,840,645 shares of the energy company’s stock valued at $348,500,000 after purchasing an additional 895,117 shares during the last quarter. UBS Group AG increased its stake in Imperial Oil by 21.6% during the 4th quarter. UBS Group AG now owns 1,709,910 shares of the energy company’s stock valued at $147,582,000 after purchasing an additional 303,286 shares in the last quarter. Geode Capital Management LLC raised its holdings in Imperial Oil by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 1,693,690 shares of the energy company’s stock worth $149,067,000 after buying an additional 78,321 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in Imperial Oil by 56.0% in the third quarter. Mackenzie Financial Corp now owns 1,194,462 shares of the energy company’s stock worth $108,282,000 after buying an additional 428,844 shares during the last quarter. 20.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on IMO. TD Securities reaffirmed a “sell” rating on shares of Imperial Oil in a research report on Wednesday, May 13th. Royal Bank Of Canada lowered Imperial Oil from a “sector perform” rating to an “underperform” rating and set a $116.00 target price for the company. in a report on Monday, February 23rd. Finally, Zacks Research upgraded Imperial Oil from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 24th. One research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Imperial Oil presently has a consensus rating of “Reduce” and an average target price of $116.00.

Imperial Oil Stock Up 0.5%

IMO opened at $126.90 on Friday. The firm’s 50 day simple moving average is $128.77 and its two-hundred day simple moving average is $112.47. The company has a market capitalization of $61.37 billion, a PE ratio of 29.93 and a beta of 0.43. Imperial Oil Limited has a 1-year low of $72.46 and a 1-year high of $139.44. The company has a current ratio of 1.23, a quick ratio of 1.02 and a debt-to-equity ratio of 0.17.

Imperial Oil Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Thursday, June 4th will be given a $0.87 dividend. The ex-dividend date is Thursday, June 4th. This represents a $3.48 dividend on an annualized basis and a yield of 2.7%. Imperial Oil’s dividend payout ratio is presently 38.69%.

Imperial Oil 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.