Scheer Rowlett & Associates Investment Management Ltd. Reduces Stake in Suncor Energy Inc. (SU)
Scheer Rowlett & Associates Investment Management Ltd. decreased its holdings in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 2.2% during the third quarter, HoldingsChannel.com reports. The firm owned 1,078,632 shares of the oil and gas producer’s stock after selling 23,984 shares during the period. Suncor Energy comprises about 2.7% of Scheer Rowlett & Associates Investment Management Ltd.’s portfolio, making the stock its 13th biggest holding. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Suncor Energy were worth $41,707,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Bessemer Group Inc. acquired a new stake in shares of Suncor Energy in the 2nd quarter worth $111,000. Eqis Capital Management Inc. acquired a new stake in shares of Suncor Energy in the 2nd quarter worth $491,000. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Suncor Energy by 23.1% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 71,447 shares of the oil and gas producer’s stock worth $2,907,000 after acquiring an additional 13,424 shares during the period. First Manhattan Co. lifted its stake in shares of Suncor Energy by 136.0% in the 2nd quarter. First Manhattan Co. now owns 4,000 shares of the oil and gas producer’s stock worth $162,000 after acquiring an additional 2,305 shares during the period. Finally, D.A. Davidson & CO. acquired a new stake in shares of Suncor Energy in the 2nd quarter worth $340,000. Institutional investors own 64.82% of the company’s stock.
Shares of SU traded down $0.79 during trading hours on Thursday, reaching $31.33. The company had a trading volume of 103,432 shares, compared to its average volume of 4,736,446. The company has a quick ratio of 0.59, a current ratio of 0.93 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $51.96 billion, a PE ratio of 20.76, a P/E/G ratio of 1.48 and a beta of 1.00. Suncor Energy Inc. has a 12-month low of $31.33 and a 12-month high of $42.55.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 24th. Stockholders of record on Monday, December 3rd will be issued a $0.2725 dividend. The ex-dividend date is Friday, November 30th. This represents a $1.09 dividend on an annualized basis and a dividend yield of 3.48%. Suncor Energy’s dividend payout ratio is presently 71.52%.
Several analysts have recently commented on SU shares. GARP Research upgraded shares of Suncor Energy from a “neutral” rating to a “buy” rating in a research note on Monday, October 22nd. Zacks Investment Research restated a “hold” rating on shares of Suncor Energy in a research note on Friday, November 16th. AltaCorp Capital upgraded shares of Suncor Energy from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 17th. Canaccord Genuity set a $65.00 target price on shares of Suncor Energy and gave the stock a “buy” rating in a research note on Tuesday, November 20th. Finally, Macquarie upgraded shares of Suncor Energy from a “neutral” rating to an “outperform” rating in a research note on Tuesday, October 9th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Suncor Energy currently has a consensus rating of “Buy” and an average price target of $51.00.
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About Suncor Energy
Suncor Energy Inc operates as an integrated energy company. The company primarily focuses on developing petroleum resource basins in Canada's Athabasca oil sands; explores, acquires, develops, produces, and markets crude oil and natural gas in Canada and internationally; transports and refines crude oil; markets petroleum and petrochemical products primarily in Canada.
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