CIBC Asset Management Inc Decreases Stake in Suncor Energy Inc. $SU

CIBC Asset Management Inc lessened its position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 23.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,876,168 shares of the oil and gas producer’s stock after selling 2,782,271 shares during the period. Suncor Energy comprises 1.0% of CIBC Asset Management Inc’s investment portfolio, making the stock its 23rd biggest holding. CIBC Asset Management Inc owned about 0.73% of Suncor Energy worth $333,778,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Shell Asset Management Co. lifted its holdings in Suncor Energy by 65.8% during the 2nd quarter. Shell Asset Management Co. now owns 103,082 shares of the oil and gas producer’s stock worth $3,854,000 after buying an additional 40,892 shares during the last quarter. Focus Partners Wealth raised its position in shares of Suncor Energy by 1.3% during the 1st quarter. Focus Partners Wealth now owns 796,967 shares of the oil and gas producer’s stock worth $30,859,000 after acquiring an additional 10,514 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its stake in Suncor Energy by 15.6% during the second quarter. Ontario Teachers Pension Plan Board now owns 315,278 shares of the oil and gas producer’s stock worth $11,818,000 after purchasing an additional 42,506 shares during the last quarter. Canoe Financial LP purchased a new stake in Suncor Energy during the second quarter worth approximately $9,653,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Suncor Energy by 36.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 944,533 shares of the oil and gas producer’s stock valued at $36,572,000 after purchasing an additional 251,298 shares in the last quarter. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Suncor Energy Trading Up 0.9%

NYSE SU opened at $44.19 on Thursday. The firm’s fifty day moving average is $42.01 and its two-hundred day moving average is $40.38. Suncor Energy Inc. has a one year low of $30.79 and a one year high of $45.60. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.85 and a current ratio of 1.35. The firm has a market cap of $53.10 billion, a PE ratio of 14.49 and a beta of 0.46.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings results on Tuesday, November 4th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.22. The firm had revenue of $9.04 billion for the quarter, compared to analyst estimates of $8.82 billion. Suncor Energy had a return on equity of 13.01% and a net margin of 10.61%.During the same quarter last year, the company posted $1.48 earnings per share. Analysts expect that Suncor Energy Inc. will post 3.42 earnings per share for the current year.

Suncor Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 24th. Stockholders of record on Wednesday, December 3rd will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 5.4%. This is a boost from Suncor Energy’s previous quarterly dividend of $0.41. The ex-dividend date is Wednesday, December 3rd. Suncor Energy’s dividend payout ratio (DPR) is currently 56.39%.

Analyst Ratings Changes

A number of analysts have weighed in on SU shares. Zacks Research cut shares of Suncor Energy from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Suncor Energy in a research report on Monday. Raymond James Financial raised shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 6th. Wells Fargo & Company assumed coverage on Suncor Energy in a report on Friday, October 17th. They set an “equal weight” rating on the stock. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $65.00 target price on shares of Suncor Energy in a report on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Suncor Energy currently has a consensus rating of “Moderate Buy” and an average target price of $65.00.

Suncor Energy Company Profile

Suncor Energy Inc operates as an integrated energy company in Canada, the United States, and internationally. It operates through Oil Sands; Exploration and Production; and Refining and Marketing segments. The Oil Sands segment explores, develops, and produces bitumen, synthetic crude oil, and related products.