Freedom Investment Management Inc. Cuts Stock Position in Imperial Oil Limited (NYSEAMERICAN:IMO)

Freedom Investment Management Inc. cut its holdings in shares of Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 15.6% during the third quarter, Holdings Channel.com reports. The fund owned 4,253 shares of the energy company’s stock after selling 785 shares during the period. Freedom Investment Management Inc.’s holdings in Imperial Oil were worth $300,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Manning & Napier Advisors LLC bought a new position in shares of Imperial Oil during the second quarter worth $3,064,000. Fiera Capital Corp boosted its holdings in shares of Imperial Oil by 262.5% during the 2nd quarter. Fiera Capital Corp now owns 95,455 shares of the energy company’s stock valued at $6,511,000 after purchasing an additional 69,121 shares during the last quarter. Ritholtz Wealth Management grew its position in shares of Imperial Oil by 17.4% during the third quarter. Ritholtz Wealth Management now owns 59,726 shares of the energy company’s stock valued at $4,208,000 after purchasing an additional 8,858 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Imperial Oil by 855.2% in the third quarter. Assenagon Asset Management S.A. now owns 35,981 shares of the energy company’s stock worth $2,534,000 after purchasing an additional 32,214 shares during the last quarter. Finally, M&G Plc purchased a new stake in shares of Imperial Oil in the second quarter worth about $627,000. 20.74% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on IMO shares. StockNews.com downgraded Imperial Oil from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Scotiabank restated a “sector perform” rating and issued a $110.00 price target 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 given a buy rating to the stock. According to data from MarketBeat, Imperial Oil has an average rating of “Hold” and an average price target of $109.00.

Imperial Oil Trading Up 1.1 %

IMO opened at $73.92 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.44 and a debt-to-equity ratio of 0.17. Imperial Oil Limited has a 12 month low of $52.97 and a 12 month high of $80.17. The stock has a market capitalization of $38.28 billion, a P/E ratio of 11.02 and a beta of 1.44.

Imperial Oil Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Tuesday, December 3rd will be issued a $0.4304 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend is Tuesday, December 3rd. Imperial Oil’s dividend payout ratio (DPR) is 26.53%.

Imperial Oil 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.