Mackenzie Financial Corp Acquires 39,488 Shares of Imperial Oil Limited (NYSEAMERICAN:IMO)

Mackenzie Financial Corp grew its stake in Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 9.7% in the 2nd quarter, Holdings Channel.com reports. The fund owned 445,497 shares of the energy company’s stock after purchasing an additional 39,488 shares during the quarter. Mackenzie Financial Corp’s holdings in Imperial Oil were worth $30,379,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of IMO. Mercer Global Advisors Inc. ADV increased its position in shares of Imperial Oil by 5.1% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 3,266 shares of the energy company’s stock worth $223,000 after purchasing an additional 158 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Imperial Oil by 5.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,308 shares of the energy company’s stock valued at $237,000 after buying an additional 163 shares in the last quarter. CWM LLC increased its holdings in 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 buying an additional 185 shares during the last quarter. OLD National Bancorp IN raised its position in Imperial Oil by 5.6% during 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 in the last quarter. Finally, Hexagon Capital Partners LLC raised its position in Imperial Oil by 84.0% during the first quarter. Hexagon Capital Partners LLC now owns 493 shares of the energy company’s stock worth $34,000 after acquiring an additional 225 shares in the last quarter. Institutional investors and hedge funds own 20.74% of the company’s stock.

Imperial Oil Trading Up 2.3 %

Shares of IMO opened at $70.29 on Friday. The stock has a market capitalization of $37.14 billion, a P/E ratio of 11.02 and a beta of 1.45. The company has a current ratio of 1.40, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17. Imperial Oil Limited has a 52 week low of $52.97 and a 52 week high of $77.70.

Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) last posted its earnings results on Friday, August 2nd. The energy company reported $1.54 EPS for the quarter, beating the consensus estimate of $1.43 by $0.11. The company had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $10.50 billion. Imperial Oil had a return on equity of 22.73% and a net margin of 10.05%. On average, equities analysts forecast that Imperial Oil Limited will post 6.2 earnings per share for the current fiscal year.

Imperial Oil Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Wednesday, September 4th will be issued a dividend of $0.4336 per share. This represents a $1.73 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Wednesday, September 4th. Imperial Oil’s dividend payout ratio is currently 27.90%.

Wall Street Analysts Forecast Growth

IMO has been the topic of several recent analyst reports. Scotiabank restated a “sector perform” rating and set a $110.00 price objective on shares of Imperial Oil in a research note on Wednesday. StockNews.com downgraded Imperial Oil from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Finally, Wolfe Research initiated coverage on Imperial Oil in a research note on Thursday, July 18th. They issued an “outperform” rating and a $108.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $99.50.

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.