BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Reduces Position in Imperial Oil Limited (NYSEAMERICAN:IMO)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its stake in Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 92.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 64,416 shares of the energy company’s stock after selling 802,758 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Imperial Oil were worth $4,531,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. CWM LLC lifted its holdings in shares of Imperial Oil by 8.7% during the second quarter. CWM LLC now owns 2,319 shares of the energy company’s stock worth $158,000 after purchasing an additional 185 shares during the period. Manning & Napier Advisors LLC purchased a new stake in shares of Imperial Oil in the 2nd quarter valued at $3,064,000. OLD National Bancorp IN increased its stake in shares of Imperial Oil by 5.6% in the second quarter. OLD National Bancorp IN now owns 3,831 shares of the energy company’s stock worth $261,000 after acquiring an additional 204 shares during the period. Hexagon Capital Partners LLC raised its holdings in shares of Imperial Oil by 45.6% during the second quarter. Hexagon Capital Partners LLC now owns 718 shares of the energy company’s stock worth $49,000 after purchasing an additional 225 shares during the last quarter. Finally, M&G Plc acquired a new position in Imperial Oil during the second quarter valued at $627,000. 20.74% of the stock is owned by hedge funds and other institutional investors.

Imperial Oil Price Performance

IMO opened at $73.82 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.23 and a current ratio of 1.44. The company has a market capitalization of $38.23 billion, a price-to-earnings ratio of 11.00 and a beta of 1.44. Imperial Oil Limited has a 1-year low of $52.97 and a 1-year high of $80.17.

Imperial Oil Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors 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 is currently 26.53%.

Analysts Set New Price Targets

Several equities research analysts have commented on IMO shares. Scotiabank restated 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 lowered shares of Imperial Oil from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Imperial Oil presently has an average rating of “Hold” and a consensus price target of $109.00.

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.