Cibc World Market Inc. Cuts Stock Holdings in Imperial Oil Limited $IMO

Cibc World Market Inc. reduced its stake in Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 20.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,147,044 shares of the energy company’s stock after selling 289,719 shares during the period. Cibc World Market Inc.’s holdings in Imperial Oil were worth $103,984,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in IMO. Bessemer Group Inc. increased its holdings in shares of Imperial Oil by 32.0% in the second quarter. Bessemer Group Inc. now owns 31,278 shares of the energy company’s stock worth $2,482,000 after purchasing an additional 7,588 shares during the last quarter. Vise Technologies Inc. purchased a new position in Imperial Oil during the 2nd quarter valued at approximately $1,235,000. Morningstar Investment Management LLC bought a new stake in Imperial Oil in the 2nd quarter worth approximately $612,000. Scotia Capital Inc. increased its stake in Imperial Oil by 3.5% in the 2nd quarter. Scotia Capital Inc. now owns 233,736 shares of the energy company’s stock worth $18,456,000 after acquiring an additional 7,940 shares during the last quarter. Finally, Westerkirk Capital Inc. purchased a new stake in shares of Imperial Oil during the 2nd quarter worth approximately $852,000. Institutional investors own 20.74% of the company’s stock.

Imperial Oil Price Performance

IMO stock opened at $114.58 on Wednesday. The stock has a market cap of $55.41 billion, a PE ratio of 25.02 and a beta of 0.70. Imperial Oil Limited has a 12 month low of $58.76 and a 12 month high of $114.96. The company has a 50-day moving average price of $94.72 and a 200 day moving average price of $91.80. The company has a current ratio of 1.47, a quick ratio of 1.17 and a debt-to-equity ratio of 0.17.

Imperial Oil Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Thursday, March 5th will be given a dividend of $0.87 per share. This represents a $3.48 annualized dividend and a dividend yield of 3.0%. This is a boost from Imperial Oil’s previous quarterly dividend of $0.72. The ex-dividend date is Thursday, March 5th. Imperial Oil’s dividend payout ratio (DPR) is presently 31.26%.

Wall Street Analysts Forecast Growth

IMO has been the subject of a number of recent research reports. TD Securities reissued a “sell” rating on shares of Imperial Oil in a report on Tuesday, November 4th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Imperial Oil in a research note on Wednesday, November 5th. Raymond James Financial cut shares of Imperial Oil from a “hold” rating to a “strong sell” rating in a research report on Monday, December 8th. Canadian Imperial Bank of Commerce downgraded shares of Imperial Oil from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Finally, BMO Capital Markets cut Imperial Oil from an “outperform” rating to a “market perform” rating in a research note on Monday, December 15th. Six analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $115.00.

Imperial Oil Company Profile

Imperial Oil (NYSEAMERICAN: IMO) is a Canadian integrated energy company involved in the exploration, production, refining and marketing of petroleum and petrochemical products. Headquartered in Calgary, Alberta, Imperial has operated in Canada for well over a century and is one of the country’s long-standing energy firms. The company is majority-owned by Exxon Mobil Corporation, which provides strategic and technical links to global upstream and downstream capabilities.

Imperial’s operations span upstream activities—exploration and production of crude oil, natural gas and oil-sands resources—and downstream operations including refining, manufacturing of fuels and lubricants, petrochemical products, and retail distribution.