Mufg Securities Canada LTD. Cuts Stock Position in Suncor Energy Inc. $SU

Mufg Securities Canada LTD. lessened its holdings in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 3.5% in the third quarter, Holdings Channel reports. The firm owned 2,007,606 shares of the oil and gas producer’s stock after selling 73,481 shares during the period. Suncor Energy accounts for 2.3% of Mufg Securities Canada LTD.’s investment portfolio, making the stock its 17th largest holding. Mufg Securities Canada LTD.’s holdings in Suncor Energy were worth $84,004,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Artisan Partners Limited Partnership grew its position in Suncor Energy by 38.5% during the second quarter. Artisan Partners Limited Partnership now owns 33,722,975 shares of the oil and gas producer’s stock valued at $1,264,043,000 after buying an additional 9,378,552 shares during the period. Fisher Asset Management LLC raised its position in Suncor Energy by 49.6% in the second quarter. Fisher Asset Management LLC now owns 8,372,012 shares of the oil and gas producer’s stock worth $313,532,000 after acquiring an additional 2,777,150 shares during the period. Canada Pension Plan Investment Board boosted its stake in Suncor Energy by 29.5% in the second quarter. Canada Pension Plan Investment Board now owns 10,555,381 shares of the oil and gas producer’s stock valued at $395,649,000 after acquiring an additional 2,406,000 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new position in Suncor Energy in the second quarter valued at about $74,767,000. Finally, Vanguard Group Inc. grew its position in shares of Suncor Energy by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 54,631,516 shares of the oil and gas producer’s stock valued at $2,046,442,000 after acquiring an additional 1,632,247 shares during the period. 67.37% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SU has been the topic of a number of research reports. The Goldman Sachs Group lifted their price target on shares of Suncor Energy from $48.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Raymond James Financial upgraded Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 6th. Royal Bank Of Canada increased their price target on Suncor Energy from $69.00 to $75.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Wall Street Zen lowered Suncor Energy from a “buy” rating to a “hold” rating in a report on Sunday, December 28th. Finally, JPMorgan Chase & Co. upgraded Suncor Energy from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $46.15 to $54.00 in a research note on Tuesday, January 20th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Suncor Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.00.

Suncor Energy Stock Up 1.8%

Shares of NYSE SU opened at $56.50 on Friday. The company has a quick ratio of 0.89, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. The company has a market cap of $67.23 billion, a P/E ratio of 16.28 and a beta of 0.46. Suncor Energy Inc. has a 52 week low of $30.79 and a 52 week high of $57.13. The business has a 50-day simple moving average of $50.46 and a two-hundred day simple moving average of $44.77.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.02. Suncor Energy had a return on equity of 12.51% and a net margin of 11.99%.The firm had revenue of $8.77 billion for the quarter, compared to analysts’ expectations of $8.79 billion. During the same period in the prior year, the business posted $1.25 earnings per share. Research analysts anticipate that Suncor Energy Inc. will post 3.42 earnings per share for the current fiscal year.

Suncor Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 4th will be paid a $0.60 dividend. The ex-dividend date is Wednesday, March 4th. This represents a $2.40 annualized dividend and a yield of 4.2%. Suncor Energy’s dividend payout ratio is currently 49.57%.

Suncor Energy Profile

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company’s operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.