Park Avenue Securities LLC lifted its holdings in shares of Imperial Oil Limited (NYSEAMERICAN:IMO – Get Rating) (TSE:IMO) by 24.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,610 shares of the energy company’s stock after buying an additional 1,112 shares during the period. Park Avenue Securities LLC’s holdings in Imperial Oil were worth $243,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of IMO. FMR LLC boosted its stake in shares of Imperial Oil by 69.8% during the 2nd quarter. FMR LLC now owns 25,805,937 shares of the energy company’s stock worth $1,216,479,000 after buying an additional 10,607,896 shares during the last quarter. GQG Partners LLC raised its holdings in shares of Imperial Oil by 31.1% in the 2nd quarter. GQG Partners LLC now owns 9,897,198 shares of the energy company’s stock valued at $465,573,000 after purchasing an additional 2,346,871 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Imperial Oil by 153.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,505,425 shares of the energy company’s stock valued at $72,741,000 after purchasing an additional 911,333 shares during the period. Mackenzie Financial Corp raised its holdings in shares of Imperial Oil by 505.2% in the 1st quarter. Mackenzie Financial Corp now owns 837,145 shares of the energy company’s stock valued at $40,576,000 after purchasing an additional 698,818 shares during the period. Finally, Walleye Capital LLC bought a new stake in shares of Imperial Oil in the 1st quarter valued at about $18,037,000. 20.76% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on IMO shares. Credit Suisse Group upped their target price on shares of Imperial Oil from C$72.00 to C$80.00 in a report on Monday, November 21st. Royal Bank of Canada upped their target price on shares of Imperial Oil from C$79.00 to C$81.00 in a report on Tuesday, November 8th. Desjardins upped their target price on shares of Imperial Oil from C$70.00 to C$80.00 in a report on Tuesday, November 8th. JPMorgan Chase & Co. cut shares of Imperial Oil from a “neutral” rating to an “underweight” rating in a report on Monday, December 5th. Finally, TD Securities lowered their price target on shares of Imperial Oil from C$82.00 to C$81.00 in a report on Wednesday, December 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Imperial Oil has an average rating of “Hold” and a consensus price target of $77.44.
Imperial Oil Trading Up 0.9 %
Imperial Oil (NYSEAMERICAN:IMO – Get Rating) (TSE:IMO) last released its quarterly earnings results on Wednesday, November 2nd. The energy company reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.13. The firm had revenue of $11.67 billion during the quarter, compared to the consensus estimate of $14.33 billion. Imperial Oil had a net margin of 11.14% and a return on equity of 28.06%. Analysts anticipate that Imperial Oil Limited will post 7.57 earnings per share for the current year.
Imperial Oil Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Sunday, January 1st. Stockholders of record on Friday, December 2nd were paid a dividend of $0.3226 per share. The ex-dividend date was Thursday, December 1st. This represents a $1.29 annualized dividend and a dividend yield of 2.51%. This is an increase from Imperial Oil’s previous quarterly dividend of $0.26. Imperial Oil’s dividend payout ratio (DPR) is presently 17.15%.
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 for, and produces crude oil, natural gas, synthetic oil, and bitumen. As of December 31, 2021, this segment had 386 million oil-equivalent barrels of proved undeveloped reserves.
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