Azzad Asset Management Inc. ADV Makes New Investment in Imperial Oil Limited (NYSEAMERICAN:IMO)

Azzad Asset Management Inc. ADV bought a new position in Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 70,457 shares of the energy company’s stock, valued at approximately $5,095,000. Imperial Oil accounts for approximately 0.6% of Azzad Asset Management Inc. ADV’s portfolio, making the stock its 29th largest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Group One Trading LLC grew its position in Imperial Oil by 29.7% in the fourth quarter. Group One Trading LLC now owns 755 shares of the energy company’s stock valued at $47,000 after acquiring an additional 173 shares in the last quarter. AdvisorNet Financial Inc lifted its position in shares of Imperial Oil by 104.0% during the first quarter. AdvisorNet Financial Inc now owns 1,275 shares of the energy company’s stock worth $92,000 after purchasing an additional 650 shares during the last quarter. Allworth Financial LP raised its stake in Imperial Oil by 21.0% during the fourth quarter. Allworth Financial LP now owns 1,630 shares of the energy company’s stock worth $100,000 after acquiring an additional 283 shares during the period. Pacifica Partners Inc. raised its stake in Imperial Oil by 141.1% during the first quarter. Pacifica Partners Inc. now owns 2,440 shares of the energy company’s stock worth $167,000 after acquiring an additional 1,428 shares during the period. Finally, Natixis acquired a new stake in shares of Imperial Oil in the fourth quarter valued at approximately $190,000. 20.74% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Raymond James restated an “outperform” rating on shares of Imperial Oil in a report on Monday, May 5th. Wolfe Research raised shares of Imperial Oil from a “peer perform” rating to an “outperform” rating in a research note on Monday, April 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $101.00 target price on shares of Imperial Oil in a research report on Thursday, April 3rd. Desjardins downgraded shares of Imperial Oil from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 3rd. Finally, The Goldman Sachs Group downgraded shares of Imperial Oil from a “neutral” rating to a “sell” rating in a report on Thursday, March 27th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Imperial Oil presently has an average rating of “Hold” and an average price target of $106.33.

Imperial Oil Stock Performance

NYSEAMERICAN:IMO opened at $81.91 on Friday. Imperial Oil Limited has a 1 year low of $58.76 and a 1 year high of $81.95. The firm’s fifty day simple moving average is $69.67 and its 200 day simple moving average is $70.19. The company has a current ratio of 1.34, a quick ratio of 1.23 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $41.70 billion, a PE ratio of 12.43 and a beta of 1.44.

Imperial Oil Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Wednesday, June 4th will be given a dividend of $0.523 per share. This is a positive change from Imperial Oil’s previous quarterly dividend of $0.50. This represents a $2.09 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Wednesday, June 4th. Imperial Oil’s payout ratio is 25.80%.

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.