PNC Financial Services Group Inc. Lowers Holdings in Imperial Oil Limited (NYSEAMERICAN:IMO)

PNC Financial Services Group Inc. cut its holdings in shares of Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 4.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 192,325 shares of the energy company's stock after selling 8,328 shares during the period. PNC Financial Services Group Inc.'s holdings in Imperial Oil were worth $13,549,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Caprock Group LLC grew its position in Imperial Oil by 50.7% in the 3rd quarter. Caprock Group LLC now owns 11,626 shares of the energy company's stock valued at $824,000 after buying an additional 3,909 shares during the last quarter. Swiss National Bank grew its position in Imperial Oil by 0.8% in the 3rd quarter. Swiss National Bank now owns 567,176 shares of the energy company's stock valued at $39,967,000 after buying an additional 4,400 shares during the last quarter. Empowered Funds LLC grew its position in Imperial Oil by 3.1% in the 3rd quarter. Empowered Funds LLC now owns 13,986 shares of the energy company's stock valued at $985,000 after buying an additional 420 shares during the last quarter. CIBC Asset Management Inc grew its position in Imperial Oil by 38.5% in the 3rd quarter. CIBC Asset Management Inc now owns 494,647 shares of the energy company's stock valued at $34,814,000 after buying an additional 137,535 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC grew its position in Imperial Oil by 5.2% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 8,561 shares of the energy company's stock valued at $603,000 after buying an additional 422 shares during the last quarter. 20.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Imperial Oil Trading Up 0.1 %

Imperial Oil stock opened at $77.13 on Friday. The stock has a market cap of $39.94 billion, a P/E ratio of 11.49 and a beta of 1.44. Imperial Oil Limited has a 52 week low of $52.97 and a 52 week high of $80.17. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.44 and a quick ratio of 1.23.

Imperial Oil Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Tuesday, December 3rd will be given a dividend of $0.4304 per share. This represents a $1.72 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend is Tuesday, December 3rd. Imperial Oil's dividend payout ratio is presently 26.53%.

About Imperial Oil

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.