Public Sector Pension Investment Board Trims Position in Imperial Oil Limited (NYSEAMERICAN:IMO)

Public Sector Pension Investment Board reduced its stake in Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 5.8% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 25,394 shares of the energy company’s stock after selling 1,550 shares during the period. Public Sector Pension Investment Board’s holdings in Imperial Oil were worth $1,731,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. RFP Financial Group LLC purchased a new stake in Imperial Oil in the second quarter valued at approximately $25,000. Hexagon Capital Partners LLC grew its holdings 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 during the period. Jones Financial Companies Lllp acquired a new position in Imperial Oil during the fourth quarter worth $44,000. Headlands Technologies LLC acquired a new position in Imperial Oil during the first quarter worth $46,000. Finally, CWM LLC grew its holdings in Imperial Oil by 8.7% in the second quarter. CWM LLC now owns 2,319 shares of the energy company’s stock valued at $158,000 after purchasing an additional 185 shares during the last quarter. 20.74% of the stock is currently owned by hedge funds and other institutional investors.

Imperial Oil Stock Performance

Shares of NYSEAMERICAN:IMO opened at $70.45 on Tuesday. Imperial Oil Limited has a twelve month low of $52.97 and a twelve month high of $77.70. The company has a market cap of $37.23 billion, a P/E ratio of 11.04 and a beta of 1.45. The company has a quick ratio of 1.16, a current ratio of 1.40 and a debt-to-equity ratio of 0.17.

Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) last issued its earnings results on Friday, August 2nd. The energy company reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.11. Imperial Oil had a return on equity of 22.73% and a net margin of 10.05%. The business had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $10.50 billion. Research analysts forecast that Imperial Oil Limited will post 6.2 EPS 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 given a dividend of $0.4336 per share. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.73 dividend on an annualized basis and a dividend yield of 2.46%. Imperial Oil’s payout ratio is currently 27.90%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on IMO. StockNews.com lowered Imperial Oil from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Scotiabank reiterated a “sector perform” rating and issued a $110.00 target price on shares of Imperial Oil in a research report on Wednesday, September 25th. Finally, Wolfe Research started coverage on Imperial Oil in a research note on Thursday, July 18th. They set an “outperform” rating and a $108.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $99.50.

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.