Guinness Asset Management Ltd Increases Holdings in Imperial Oil Ltd (IMO)
Guinness Asset Management Ltd raised its holdings in shares of Imperial Oil Ltd (NYSEAMERICAN:IMO) (TSE:IMO) by 16.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 375,666 shares of the energy company’s stock after buying an additional 53,400 shares during the period. Imperial Oil comprises 2.2% of Guinness Asset Management Ltd’s portfolio, making the stock its 15th largest holding. Guinness Asset Management Ltd’s holdings in Imperial Oil were worth $12,148,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Wolverine Asset Management LLC purchased a new stake in shares of Imperial Oil in the second quarter worth $166,000. Creative Planning purchased a new stake in shares of Imperial Oil in the second quarter worth $209,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Imperial Oil in the second quarter worth $229,000. Fruth Investment Management purchased a new stake in shares of Imperial Oil in the third quarter worth $246,000. Finally, Suntrust Banks Inc. purchased a new stake in shares of Imperial Oil in the first quarter worth $277,000.
A number of analysts have recently issued reports on the stock. TheStreet raised shares of Imperial Oil from a “c” rating to a “b-” rating in a research note on Friday, October 5th. Zacks Investment Research raised shares of Imperial Oil from a “hold” rating to a “strong-buy” rating and set a $38.00 target price for the company in a research note on Thursday, July 5th. Tudor Pickering raised shares of Imperial Oil from a “hold” rating to a “buy” rating in a research note on Thursday, October 11th. Canaccord Genuity raised shares of Imperial Oil from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Barclays raised shares of Imperial Oil from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, July 11th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $44.50.
Imperial Oil (NYSEAMERICAN:IMO) (TSE:IMO) last posted its earnings results on Friday, July 27th. The energy company reported $0.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.26). The company had revenue of $9.54 billion for the quarter, compared to analysts’ expectations of $9 billion. Imperial Oil had a negative net margin of 1.70% and a negative return on equity of 2.22%. The business’s revenue was up 35.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.09) earnings per share.
About Imperial Oil
Imperial Oil Limited explores for, produces, and sells crude oil and natural gas in Canada. The company operates through three segments: Upstream, Downstream, and Chemical. The Upstream segment explores for and produces crude oil, natural gas, synthetic oil, and bitumen. As of December 31, 2017, this segment had 450 million oil-equivalent barrels of proved undeveloped reserves.
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