CIBC Asset Management Inc Increases Stock Holdings in Imperial Oil Limited (NYSEAMERICAN:IMO)

CIBC Asset Management Inc lifted its holdings in shares of Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 38.5% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 494,647 shares of the energy company's stock after acquiring an additional 137,535 shares during the period. CIBC Asset Management Inc owned approximately 0.09% of Imperial Oil worth $34,814,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Headlands Technologies LLC acquired a new stake in Imperial Oil during the 1st quarter worth about $46,000. US Bancorp DE grew its position in Imperial Oil by 91.6% during the 1st quarter. US Bancorp DE now owns 20,210 shares of the energy company's stock worth $1,397,000 after purchasing an additional 9,660 shares during the period. Orion Portfolio Solutions LLC raised its stake in shares of Imperial Oil by 20.4% during the 1st quarter. Orion Portfolio Solutions LLC now owns 17,500 shares of the energy company's stock valued at $1,210,000 after buying an additional 2,966 shares during the last quarter. Intech Investment Management LLC acquired a new position in shares of Imperial Oil in the 1st quarter valued at about $720,000. Finally, Seven Eight Capital LP acquired a new position in shares of Imperial Oil in the 1st quarter valued at about $466,000. Institutional investors and hedge funds own 20.74% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on IMO. Scotiabank reiterated a "sector perform" rating and issued a $110.00 target price on shares of Imperial Oil in a research note on Wednesday, September 25th. StockNews.com downgraded shares of Imperial Oil from a "buy" rating to a "hold" rating in a research report on Wednesday, August 28th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $109.00.

Imperial Oil Stock Performance

IMO traded down $0.64 on Friday, reaching $73.98. 257,530 shares of the company's stock were exchanged, compared to its average volume of 398,720. Imperial Oil Limited has a twelve month low of $52.97 and a twelve month high of $80.17. The firm has a market capitalization of $38.31 billion, a PE ratio of 11.03 and a beta of 1.44. The company has a current ratio of 1.44, a quick ratio of 1.23 and a debt-to-equity ratio of 0.17.

Imperial Oil Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Tuesday, December 3rd will be issued a $0.4304 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Tuesday, December 3rd. Imperial Oil's dividend payout ratio is currently 26.53%.

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.