Cumberland Partners Ltd Sells 10,305 Shares of Suncor Energy Inc. (NYSE:SU)
Cumberland Partners Ltd lowered its position in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 1.0% during the second quarter, Holdings Channel reports. The institutional investor owned 1,040,782 shares of the oil and gas producer’s stock after selling 10,305 shares during the period. Suncor Energy makes up approximately 4.3% of Cumberland Partners Ltd’s holdings, making the stock its 6th largest position. Cumberland Partners Ltd’s holdings in Suncor Energy were worth $30,375,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. CENTRAL TRUST Co raised its stake in Suncor Energy by 90.8% in the first quarter. CENTRAL TRUST Co now owns 3,641 shares of the oil and gas producer’s stock worth $112,000 after buying an additional 1,733 shares during the last quarter. YorkBridge Wealth Partners LLC raised its stake in Suncor Energy by 1.0% in the first quarter. YorkBridge Wealth Partners LLC now owns 4,061 shares of the oil and gas producer’s stock worth $128,000 after buying an additional 42 shares during the last quarter. Howe & Rusling Inc. raised its stake in Suncor Energy by 19.3% in the first quarter. Howe & Rusling Inc. now owns 4,143 shares of the oil and gas producer’s stock worth $127,000 after buying an additional 670 shares during the last quarter. Bronfman E.L. Rothschild L.P. raised its stake in Suncor Energy by 6.0% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 4,224 shares of the oil and gas producer’s stock worth $130,000 after buying an additional 238 shares during the last quarter. Finally, UBS Asset Management Americas Inc. acquired a new stake in Suncor Energy during the fourth quarter worth $152,000. Institutional investors and hedge funds own 65.62% of the company’s stock.
Shares of Suncor Energy Inc. (NYSE SU) opened at 32.39 on Friday. The company has a market capitalization of $53.75 billion, a price-to-earnings ratio of 25.15 and a beta of 0.82. Suncor Energy Inc. has a 1-year low of $25.70 and a 1-year high of $33.79. The stock has a 50 day moving average of $30.53 and a 200-day moving average of $30.93.
Suncor Energy declared that its Board of Directors has approved a stock repurchase program on Wednesday, April 26th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the oil and gas producer to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Tuesday, September 5th will be paid a $0.2552 dividend. This represents a $1.02 annualized dividend and a dividend yield of 3.15%. This is an increase from Suncor Energy ‘s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, August 31st. Suncor Energy ‘s payout ratio is presently 77.87%.
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SU has been the topic of a number of research reports. Zacks Investment Research lowered shares of Suncor Energy from a “hold” rating to a “sell” rating in a report on Wednesday, April 26th. BidaskClub raised shares of Suncor Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 24th. Barclays PLC reissued an “overweight” rating and set a $52.00 target price (up from $47.00) on shares of Suncor Energy in a report on Wednesday, July 12th. Citigroup Inc. reissued a “buy” rating on shares of Suncor Energy in a report on Wednesday, August 2nd. Finally, AltaCorp Capital lowered shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, July 28th. Five analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Suncor Energy currently has an average rating of “Buy” and a consensus price target of $42.10.
About Suncor Energy
Suncor Energy Inc (Suncor) is an integrated energy company. The Company is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. The Company’s Oil Sands segment includes Oil Sands operations and Oil Sands ventures operations.
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