National Bank of Canada FI Trims Stock Position in Imperial Oil Limited (NYSEAMERICAN:IMO)

National Bank of Canada FI cut its stake in shares of Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 34.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 759,389 shares of the energy company’s stock after selling 400,424 shares during the quarter. National Bank of Canada FI’s holdings in Imperial Oil were worth $52,924,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. NewEdge Wealth LLC increased its position in shares of Imperial Oil by 67.0% during the fourth quarter. NewEdge Wealth LLC now owns 29,218 shares of the energy company’s stock worth $1,671,000 after acquiring an additional 11,717 shares during the period. US Bancorp DE increased its holdings in Imperial Oil by 91.6% during the first quarter. US Bancorp DE now owns 20,210 shares of the energy company’s stock valued at $1,397,000 after buying an additional 9,660 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Imperial Oil by 137.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 88,842 shares of the energy company’s stock valued at $5,086,000 after buying an additional 51,449 shares during the period. Intech Investment Management LLC purchased a new position in Imperial Oil during the first quarter valued at approximately $720,000. Finally, Empowered Funds LLC purchased a new position in Imperial Oil during the first quarter valued at approximately $931,000. 20.74% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IMO has been the subject of several recent analyst reports. Scotiabank lowered their target price on shares of Imperial Oil from $111.00 to $110.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Wolfe Research initiated coverage on shares of Imperial Oil in a research report on Thursday, July 18th. They issued an “outperform” rating and a $108.00 price objective for the company. Raymond James upgraded shares of Imperial Oil to a “hold” rating in a research report on Tuesday, May 28th. Finally, StockNews.com downgraded shares of Imperial Oil from a “buy” rating to a “hold” rating in a research report on Monday, July 1st. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $94.80.

Imperial Oil Stock Up 0.9 %

NYSEAMERICAN IMO traded up $0.60 during trading hours on Wednesday, hitting $69.92. 309,761 shares of the company’s stock traded hands, compared to its average volume of 387,647. Imperial Oil Limited has a 52-week low of $51.23 and a 52-week high of $74.58. The stock has a market cap of $37.47 billion, a PE ratio of 10.96 and a beta of 1.47. The company has a current ratio of 1.34, a quick ratio of 1.04 and a debt-to-equity ratio of 0.17.

Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) last posted its quarterly earnings results on Friday, April 26th. The energy company reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.10. The business had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $11.61 billion. Imperial Oil had a net margin of 9.46% and a return on equity of 20.76%. As a group, sell-side analysts predict that Imperial Oil Limited will post 6.22 EPS for the current fiscal year.

Imperial Oil Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were given a dividend of $0.4377 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $1.75 dividend on an annualized basis and a dividend yield of 2.50%. Imperial Oil’s payout ratio is currently 27.59%.

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.