JPMorgan Chase & Co. Reduces Position in Imperial Oil Limited (NYSEAMERICAN:IMO)

JPMorgan Chase & Co. lowered its position in Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 20.3% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 732,295 shares of the energy company's stock after selling 186,917 shares during the period. JPMorgan Chase & Co. owned 0.14% of Imperial Oil worth $51,590,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets purchased a new stake in shares of Imperial Oil in the third quarter valued at approximately $28,000. Grove Bank & Trust grew its holdings in Imperial Oil by 438.0% in the 3rd quarter. Grove Bank & Trust now owns 538 shares of the energy company's stock valued at $38,000 after buying an additional 438 shares in the last quarter. Allworth Financial LP grew its holdings in Imperial Oil by 21.0% in the 3rd quarter. Allworth Financial LP now owns 1,347 shares of the energy company's stock valued at $95,000 after buying an additional 234 shares in the last quarter. Oakworth Capital Inc. acquired a new stake in shares of Imperial Oil in the 3rd quarter worth $101,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Imperial Oil during the 3rd quarter worth $137,000. Institutional investors and hedge funds own 20.74% of the company's stock.

Imperial Oil Price Performance

Shares of IMO traded down $0.11 during midday trading on Friday, reaching $62.41. The stock had a trading volume of 708,364 shares, compared to its average volume of 605,132. The firm has a market capitalization of $31.99 billion, a price-to-earnings ratio of 9.30 and a beta of 1.42. Imperial Oil Limited has a 1-year low of $54.58 and a 1-year high of $80.17. 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Tuesday, December 3rd were issued a $0.4304 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date was Tuesday, December 3rd. Imperial Oil's dividend payout ratio (DPR) is 26.38%.

Analysts Set New Price Targets

IMO has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut Imperial Oil from a "neutral" rating to an "underweight" rating in a report on Thursday, December 19th. Scotiabank reaffirmed a "sector perform" rating and issued a $110.00 price target on shares of Imperial Oil in a research note on Wednesday, September 25th. Finally, Wolfe Research downgraded Imperial Oil from an "outperform" rating to a "peer perform" rating in a research report on Friday. One analyst has rated the stock with a sell rating and four have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $109.00.

Imperial Oil Company 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.