The Manufacturers Life Insurance Company Raises Stake in Imperial Oil Limited (NYSEAMERICAN:IMO)

The Manufacturers Life Insurance Company grew its position in Imperial Oil Limited (NYSEAMERICAN:IMO - Free Report) TSE: IMO by 8.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,420,002 shares of the energy company's stock after purchasing an additional 341,689 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.84% of Imperial Oil worth $311,175,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Imperial Oil by 10,896.4% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 867,174 shares of the energy company's stock worth $59,135,000 after buying an additional 859,288 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in shares of Imperial Oil during the second quarter worth $40,729,000. TD Asset Management Inc lifted its stake in shares of Imperial Oil by 12.2% during the second quarter. TD Asset Management Inc now owns 3,796,660 shares of the energy company's stock worth $258,817,000 after buying an additional 412,600 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in Imperial Oil by 9.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,107,250 shares of the energy company's stock valued at $148,235,000 after purchasing an additional 187,158 shares during the period. Finally, SIR Capital Management L.P. acquired a new position in Imperial Oil during the second quarter valued at $11,405,000. 20.74% of the stock is owned by hedge funds and other institutional investors.

Imperial Oil Stock Performance

Shares of IMO stock traded down $2.04 during trading hours on Tuesday, hitting $73.64. The company had a trading volume of 396,357 shares, compared to its average volume of 395,480. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.23 and a current ratio of 1.44. Imperial Oil Limited has a fifty-two week low of $52.97 and a fifty-two week high of $80.17. The firm has a market cap of $38.14 billion, a P/E ratio of 10.97 and a beta of 1.44.

Imperial Oil Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Tuesday, December 3rd will be given a $0.4304 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Tuesday, December 3rd. Imperial Oil's dividend payout ratio is presently 26.53%.

Analyst Ratings Changes

A number of brokerages have weighed in on IMO. StockNews.com downgraded shares of Imperial Oil from a "buy" rating to a "hold" rating in a research report on Wednesday, August 28th. 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. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, Imperial Oil has an average rating of "Hold" and a consensus 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.