Lord Abbett & CO. LLC Trims Stake in Imperial Oil Limited (NYSEAMERICAN:IMO)

Lord Abbett & CO. LLC reduced its stake in Imperial Oil Limited (NYSEAMERICAN:IMO) (TSE:IMO) by 94.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,600 shares of the energy company’s stock after selling 498,121 shares during the period. Lord Abbett & CO. LLC’s holdings in Imperial Oil were worth $1,871,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Fiera Capital Corp raised its stake in Imperial Oil by 262.5% in the second quarter. Fiera Capital Corp now owns 95,455 shares of the energy company’s stock worth $6,511,000 after buying an additional 69,121 shares in the last quarter. Bridgewater Associates LP increased its holdings in shares of Imperial Oil by 522.8% in the 3rd quarter. Bridgewater Associates LP now owns 201,126 shares of the energy company’s stock valued at $14,166,000 after acquiring an additional 168,831 shares during the period. Ritholtz Wealth Management raised its position in shares of Imperial Oil by 17.4% in the 3rd quarter. Ritholtz Wealth Management now owns 59,726 shares of the energy company’s stock worth $4,208,000 after acquiring an additional 8,858 shares in the last quarter. National Bank of Canada FI lifted its stake in shares of Imperial Oil by 13.3% during the 3rd quarter. National Bank of Canada FI now owns 751,038 shares of the energy company’s stock worth $52,885,000 after purchasing an additional 87,914 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Imperial Oil by 855.2% during the third quarter. Assenagon Asset Management S.A. now owns 35,981 shares of the energy company’s stock valued at $2,534,000 after purchasing an additional 32,214 shares in the last quarter. 20.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IMO has been the subject of several analyst reports. Scotiabank reissued a “sector perform” rating and set a $110.00 price target on shares of Imperial Oil in a research report on Wednesday, September 25th. StockNews.com cut shares of Imperial Oil from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th.

Imperial Oil Stock Down 1.4 %

Shares of NYSEAMERICAN:IMO opened at $66.41 on Tuesday. The company has a current ratio of 1.44, a quick ratio of 1.23 and a debt-to-equity ratio of 0.17. Imperial Oil Limited has a 1 year low of $54.58 and a 1 year high of $80.17. The stock has a market cap of $34.04 billion, a P/E ratio of 9.90 and a beta of 1.42.

Imperial Oil Cuts Dividend

The business also recently disclosed 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 is Tuesday, December 3rd. This represents a $1.72 annualized dividend and a dividend yield of 2.59%. Imperial Oil’s dividend payout ratio (DPR) is currently 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.