Jones Collombin Investment Counsel Inc Decreases Stake in Suncor Energy Inc. (SU)
Jones Collombin Investment Counsel Inc reduced its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 0.2% during the second quarter, Holdings Channel reports. The firm owned 245,605 shares of the oil and gas producer’s stock after selling 500 shares during the period. Suncor Energy accounts for about 2.5% of Jones Collombin Investment Counsel Inc’s holdings, making the stock its 20th largest position. Jones Collombin Investment Counsel Inc’s holdings in Suncor Energy were worth $7,178,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. CENTRAL TRUST Co raised its position in shares of 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 valued at $112,000 after buying an additional 1,733 shares during the period. Howe & Rusling Inc. raised its position in shares of 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 valued at $127,000 after buying an additional 670 shares during the period. YorkBridge Wealth Partners LLC raised its position in shares of 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 valued at $128,000 after buying an additional 42 shares during the period. Bronfman E.L. Rothschild L.P. raised its position in shares of 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 valued at $130,000 after buying an additional 238 shares during the period. Finally, UBS Asset Management Americas Inc. bought a new position in shares of Suncor Energy during the fourth quarter valued at about $152,000. Institutional investors own 65.62% of the company’s stock.
Shares of Suncor Energy Inc. (SU) opened at 32.39 on Friday. The stock’s 50 day moving average is $30.53 and its 200-day moving average is $30.93. The stock 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 12-month low of $25.70 and a 12-month high of $33.79.
Suncor Energy declared that its board has approved a share repurchase program on Wednesday, April 26th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the oil and gas producer to purchase up to 3.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Tuesday, September 5th will be paid a dividend of $0.2552 per share. The ex-dividend date of this dividend is Thursday, August 31st. This is a boost from Suncor Energy ‘s previous quarterly dividend of $0.24. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.15%. Suncor Energy ‘s payout ratio is currently 77.87%.
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SU has been the subject of several analyst reports. Zacks Investment Research upgraded shares of Suncor Energy from a “sell” rating to a “buy” rating and set a $33.00 price target for the company in a research report on Tuesday, July 4th. Citigroup Inc. restated a “buy” rating on shares of Suncor Energy in a research report on Wednesday, August 2nd. BidaskClub upgraded shares of Suncor Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. National Bank Financial initiated coverage on shares of Suncor Energy in a research report on Tuesday, June 27th. They set an “outperform” rating for the company. Finally, Simmons cut their price target on shares of Suncor Energy from $43.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday, April 19th. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $42.10.
Suncor Energy Company Profile
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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