The Manufacturers Life Insurance Company Buys 341,689 Shares of Imperial Oil Limited (NYSEAMERICAN:IMO)

The Manufacturers Life Insurance Company raised its stake in Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 8.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,420,002 shares of the energy company’s stock after buying an additional 341,689 shares during the period. The Manufacturers Life Insurance Company owned about 0.84% of Imperial Oil worth $311,175,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. RFP Financial Group LLC bought a new stake in Imperial Oil during the 2nd quarter worth approximately $25,000. Grove Bank & Trust lifted its stake in Imperial Oil by 438.0% in the third quarter. Grove Bank & Trust now owns 538 shares of the energy company’s stock valued at $38,000 after purchasing an additional 438 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in Imperial Oil by 45.6% in the second quarter. Hexagon Capital Partners LLC now owns 718 shares of the energy company’s stock valued at $49,000 after purchasing an additional 225 shares during the last quarter. Allworth Financial LP lifted its position in shares of Imperial Oil by 21.0% during the third quarter. Allworth Financial LP now owns 1,347 shares of the energy company’s stock worth $95,000 after acquiring an additional 234 shares in the last quarter. Finally, Oakworth Capital Inc. purchased a new stake in shares of Imperial Oil during the third quarter worth $101,000. Institutional investors and hedge funds own 20.74% of the company’s stock.

Analyst Ratings Changes

IMO has been the topic of several research analyst reports. StockNews.com cut shares of Imperial Oil from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Scotiabank reaffirmed a “sector perform” rating and issued a $110.00 price target on shares of Imperial Oil in a report on Wednesday, September 25th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $109.00.

Imperial Oil Stock Performance

Shares of IMO opened at $75.72 on Tuesday. 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 one year low of $52.97 and a one year high of $80.17. The stock has a market capitalization of $39.21 billion, a price-to-earnings ratio of 11.28 and a beta of 1.44.

Imperial Oil Cuts Dividend

The firm 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 dividend of $0.4304 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.72 annualized dividend and a dividend yield of 2.27%. Imperial Oil’s payout ratio is 26.53%.

Imperial Oil Company 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.