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

The Manufacturers Life Insurance Company lifted its position in shares of Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 8.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,420,002 shares of the energy company’s stock after acquiring an additional 341,689 shares during the period. The Manufacturers Life Insurance Company’s holdings in Imperial Oil were worth $311,175,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. TD Asset Management Inc grew its position in Imperial Oil by 12.2% in the 2nd quarter. TD Asset Management Inc now owns 3,796,660 shares of the energy company’s stock worth $258,817,000 after purchasing an additional 412,600 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in Imperial Oil by 9.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,107,250 shares of the energy company’s stock worth $148,235,000 after purchasing an additional 187,158 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Imperial Oil by 10,896.4% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 867,174 shares of the energy company’s stock worth $59,135,000 after acquiring an additional 859,288 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of Imperial Oil by 14.7% during the 2nd quarter. Toronto Dominion Bank now owns 822,478 shares of the energy company’s stock worth $56,134,000 after acquiring an additional 105,205 shares during the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new position in shares of Imperial Oil during the 2nd quarter worth $40,729,000. Institutional investors own 20.74% of the company’s stock.

Imperial Oil Stock Performance

IMO opened at $75.72 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.23 and a current ratio of 1.44. Imperial Oil Limited has a fifty-two week low of $52.97 and a fifty-two week high of $80.17. The firm has a market cap of $39.21 billion, a P/E ratio of 11.28 and a beta of 1.44.

Imperial Oil Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Tuesday, December 3rd will be paid a dividend of $0.4304 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Tuesday, December 3rd. Imperial Oil’s dividend payout ratio (DPR) is 26.53%.

Analyst Upgrades and Downgrades

IMO has been the topic of several analyst reports. StockNews.com cut shares of 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 set a $110.00 price target on shares of Imperial Oil in a research note on Wednesday, September 25th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $109.00.

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.