Imperial Oil (NYSEAMERICAN:IMO) Downgraded by JPMorgan Chase & Co. to Underweight

JPMorgan Chase & Co. lowered shares of Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) from a neutral rating to an underweight rating in a report issued on Thursday morning, MarketBeat Ratings reports.

A number of other research analysts have also issued reports on IMO. StockNews.com lowered Imperial Oil from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Scotiabank reissued a “sector perform” rating and set a $110.00 target price on shares of Imperial Oil in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $109.00.

Imperial Oil Price Performance

NYSEAMERICAN:IMO opened at $62.51 on Thursday. The firm has a market capitalization of $32.04 billion, a PE ratio of 9.32 and a beta of 1.42. The company has a quick ratio of 1.23, a current ratio of 1.44 and a debt-to-equity ratio of 0.17. Imperial Oil has a 1 year low of $54.58 and a 1 year high of $80.17.

Imperial Oil Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Tuesday, December 3rd will be issued a $0.4304 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date is Tuesday, December 3rd. Imperial Oil’s dividend payout ratio is presently 26.38%.

Institutional Investors Weigh In On Imperial Oil

A number of large investors have recently added to or reduced their stakes in the stock. RFP Financial Group LLC acquired a new position in shares of Imperial Oil during the 2nd quarter worth about $25,000. BNP Paribas Financial Markets acquired a new position in shares of Imperial Oil during the third quarter worth approximately $28,000. Grove Bank & Trust boosted its position in shares of Imperial Oil by 438.0% in the third quarter. Grove Bank & Trust now owns 538 shares of the energy company’s stock valued at $38,000 after acquiring an additional 438 shares during the period. Allworth Financial LP grew its stake in shares of Imperial Oil by 21.0% in the third quarter. Allworth Financial LP now owns 1,347 shares of the energy company’s stock worth $95,000 after acquiring an additional 234 shares during the last quarter. Finally, Oakworth Capital Inc. bought a new position in Imperial Oil during the third quarter worth $101,000. Institutional investors own 20.74% of the company’s stock.

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.