Topic: How To Invest

Dividend Advisor Hotline – Friday, July 8, 2022

Article Excerpt

IMPERIAL OIL LTD., $57.49, Toronto symbol IMO, is a buy. This company gets about 60% of its production from oil sands operations in Alberta. Imperial also has conventional oil and natural gas operations in the West and holds stakes in projects off the coast of Atlantic Canada. Imperial’s other operations include three refineries (one in Alberta, two in Ontario) and a petrochemical plant in Sarnia, Ontario. ExxonMobil (New York symbol XOM) owns 69.6% of Imperial shares. The company last raised your quarterly dividend by 25.9% with the April 2022 payment. Investors now receive $0.34 a share instead of $0.27. The new annual rate of $1.36 yields 2.4%. Imperial and Exxon have now agreed to sell their 50/50 joint venture, XTO Energy Canada, to Whitecap Resources Inc. (Toronto symbol WCP). XTO produces oil and gas from properties in the Montney (B.C.) and Duvernay (Alberta) shale basins. Imperial’s share of the $1.9 billion sale price is $940 million. That’s equal to 49% of its first quarter cash…

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