JPMorgan Chase & Co. Cuts Stock Holdings in Imperial Oil Limited (NYSEAMERICAN:IMO)

JPMorgan Chase & Co. decreased its holdings in shares of Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 20.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 732,295 shares of the energy company’s stock after selling 186,917 shares during the period. JPMorgan Chase & Co.’s holdings in Imperial Oil were worth $51,590,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Principal Financial Group Inc. boosted its stake in shares of Imperial Oil by 29.6% in the second quarter. Principal Financial Group Inc. now owns 17,542 shares of the energy company’s stock valued at $1,196,000 after buying an additional 4,002 shares in the last quarter. Caprock Group LLC purchased a new stake in shares of Imperial Oil during the 2nd quarter worth $530,000. Triasima Portfolio Management inc. grew its stake in shares of Imperial Oil by 18.7% during the 2nd quarter. Triasima Portfolio Management inc. now owns 379,050 shares of the energy company’s stock worth $25,833,000 after purchasing an additional 59,750 shares during the period. Royal London Asset Management Ltd. increased its holdings in shares of Imperial Oil by 710.5% in the 2nd quarter. Royal London Asset Management Ltd. now owns 91,485 shares of the energy company’s stock valued at $6,244,000 after purchasing an additional 80,197 shares in the last quarter. Finally, SIR Capital Management L.P. acquired a new stake in shares of Imperial Oil in the second quarter valued at about $11,405,000. 20.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on IMO shares. JPMorgan Chase & Co. cut shares of Imperial Oil from a “neutral” rating to an “underweight” rating in a report on Thursday, December 19th. Wolfe Research downgraded Imperial Oil from an “outperform” rating to a “peer perform” rating in a research note on Friday. Finally, Scotiabank reiterated a “sector perform” rating and set a $110.00 target price on shares of Imperial Oil in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $109.00.

Imperial Oil Price Performance

Shares of IMO opened at $62.41 on Friday. Imperial Oil Limited has a 1-year low of $54.58 and a 1-year high of $80.17. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.44 and a quick ratio of 1.23. The company has a market cap of $31.99 billion, a PE ratio of 9.30 and a beta of 1.42.

Imperial Oil Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Tuesday, December 3rd were issued a $0.4304 dividend. The ex-dividend date was Tuesday, December 3rd. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.76%. Imperial Oil’s dividend payout ratio (DPR) is 26.38%.

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.