Meritage Portfolio Management Trims Stake in Suncor Energy Inc. $SU

Meritage Portfolio Management lowered its position in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 2.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 89,323 shares of the oil and gas producer’s stock after selling 2,373 shares during the quarter. Meritage Portfolio Management’s holdings in Suncor Energy were worth $3,345,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in Suncor Energy by 65.0% in the first quarter. Principal Financial Group Inc. now owns 16,018,129 shares of the oil and gas producer’s stock worth $620,136,000 after purchasing an additional 6,311,513 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in Suncor Energy by 18.6% during the 1st quarter. Mackenzie Financial Corp now owns 15,377,546 shares of the oil and gas producer’s stock valued at $595,398,000 after acquiring an additional 2,410,857 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Suncor Energy by 83.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,426,008 shares of the oil and gas producer’s stock valued at $481,135,000 after acquiring an additional 5,658,880 shares during the period. Acadian Asset Management LLC boosted its holdings in Suncor Energy by 12,290.9% during the 1st quarter. Acadian Asset Management LLC now owns 12,418,784 shares of the oil and gas producer’s stock valued at $480,760,000 after acquiring an additional 12,318,559 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Suncor Energy by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 11,272,827 shares of the oil and gas producer’s stock valued at $436,459,000 after acquiring an additional 290,900 shares during the period. Institutional investors own 67.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SU. Royal Bank Of Canada restated an “outperform” rating and issued a $65.00 price target on shares of Suncor Energy in a report on Friday, October 3rd. Weiss Ratings restated a “hold (c+)” rating on shares of Suncor Energy in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $65.00.

Suncor Energy Trading Down 2.1%

Shares of NYSE SU opened at $39.53 on Monday. The company has a quick ratio of 0.77, a current ratio of 1.26 and a debt-to-equity ratio of 0.19. The business has a fifty day simple moving average of $40.70 and a two-hundred day simple moving average of $38.25. The firm has a market cap of $47.79 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 3.20 and a beta of 0.78. Suncor Energy Inc. has a twelve month low of $30.79 and a twelve month high of $43.48.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.01. Suncor Energy had a return on equity of 13.21% and a net margin of 11.35%.The firm had revenue of $8.81 billion during the quarter, compared to the consensus estimate of $11.56 billion. During the same period in the previous year, the company posted $1.27 earnings per share. Analysts expect that Suncor Energy Inc. will post 3.42 earnings per share for the current fiscal year.

Suncor Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th were issued a dividend of $0.4135 per share. This represents a $1.65 annualized dividend and a yield of 4.2%. The ex-dividend date was Thursday, September 4th. This is a positive change from Suncor Energy’s previous quarterly dividend of $0.41. Suncor Energy’s dividend payout ratio (DPR) is currently 50.77%.

Suncor Energy 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.