TD Asset Management Inc Cuts Holdings in Imperial Oil Limited $IMO

TD Asset Management Inc lessened its stake in Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 2.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 4,470,358 shares of the energy company’s stock after selling 123,713 shares during the quarter. TD Asset Management Inc’s holdings in Imperial Oil were worth $405,429,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in IMO. MAI Capital Management raised its holdings in Imperial Oil by 2,275.0% in the second quarter. MAI Capital Management now owns 380 shares of the energy company’s stock valued at $30,000 after acquiring an additional 364 shares in the last quarter. Westside Investment Management Inc. grew its holdings in Imperial Oil by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 426 shares of the energy company’s stock worth $38,000 after acquiring an additional 213 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of Imperial Oil by 64.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 430 shares of the energy company’s stock valued at $40,000 after purchasing an additional 169 shares during the last quarter. Tacita Capital Inc raised its holdings in shares of Imperial Oil by 66.8% in the 3rd quarter. Tacita Capital Inc now owns 934 shares of the energy company’s stock valued at $85,000 after purchasing an additional 374 shares in the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new stake in shares of Imperial Oil in the 3rd quarter valued at $123,000. 20.74% of the stock is owned by institutional investors and hedge funds.

Imperial Oil Stock Down 2.4%

Shares of NYSEAMERICAN IMO opened at $115.68 on Wednesday. The business has a 50-day moving average price of $100.22 and a 200 day moving average price of $94.22. The stock has a market cap of $55.94 billion, a PE ratio of 25.26 and a beta of 0.70. The company has a quick ratio of 0.94, a current ratio of 1.27 and a debt-to-equity ratio of 0.18. Imperial Oil Limited has a 52-week low of $58.76 and a 52-week high of $123.52.

Imperial Oil Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Thursday, March 5th will be issued a $0.87 dividend. This represents a $3.48 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, March 5th. This is a positive change from Imperial Oil’s previous quarterly dividend of $0.72. Imperial Oil’s dividend payout ratio is presently 31.26%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Royal Bank Of Canada downgraded shares of Imperial Oil from a “sector perform” rating to an “underperform” rating and set a $116.00 target price for the company. in a research note on Monday. BMO Capital Markets downgraded Imperial Oil from an “outperform” rating to a “market perform” rating in a report on Monday, December 15th. TD Securities reiterated a “sell” rating on shares of Imperial Oil in a report on Monday. Finally, Raymond James Financial cut Imperial Oil from a “hold” rating to a “strong sell” rating in a research note on Monday, December 8th. Five analysts have rated the stock with a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Strong Sell” and an average target price of $116.00.

About Imperial Oil

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.