Suncor Energy Inc. (SU) Stake Increased by Checchi Capital Advisers LLC
Checchi Capital Advisers LLC boosted its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 44.0% during the second quarter, Holdings Channel reports. The firm owned 9,567 shares of the oil and gas producer’s stock after buying an additional 2,925 shares during the period. Checchi Capital Advisers LLC’s holdings in Suncor Energy were worth $279,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Renaissance Technologies LLC purchased a new position in Suncor Energy during the fourth quarter valued at approximately $1,062,000. UBS Asset Management Americas Inc. purchased a new position in Suncor Energy during the fourth quarter valued at approximately $152,000. Teachers Advisors LLC boosted its position in Suncor Energy by 12,173.3% in the fourth quarter. Teachers Advisors LLC now owns 388,819 shares of the oil and gas producer’s stock valued at $12,710,000 after buying an additional 385,651 shares during the period. Creative Planning boosted its position in Suncor Energy by 52.6% in the first quarter. Creative Planning now owns 30,188 shares of the oil and gas producer’s stock valued at $928,000 after buying an additional 10,400 shares during the period. Finally, Howe & Rusling Inc. boosted its position 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 valued at $127,000 after buying an additional 670 shares during the period. Hedge funds and other institutional investors own 65.59% of the company’s stock.
Shares of Suncor Energy Inc. (SU) opened at 31.64 on Thursday. The firm has a market capitalization of $52.50 billion, a price-to-earnings ratio of 24.57 and a beta of 0.82. The company’s 50-day moving average is $30.88 and its 200 day moving average is $30.93. Suncor Energy Inc. has a 1-year low of $25.70 and a 1-year high of $33.79.
Suncor Energy announced that its Board of Directors has approved a stock repurchase program on Wednesday, April 26th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the oil and gas producer to buy up to 3.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Tuesday, September 5th will be given a dividend of $0.2552 per share. This is a boost from Suncor Energy ‘s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $1.02 annualized dividend and a dividend yield of 3.23%. Suncor Energy ‘s payout ratio is currently 77.87%.
SU has been the subject of several recent analyst reports. Simmons decreased their target price 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. Zacks Investment Research cut shares of Suncor Energy from a “hold” rating to a “sell” rating in a report on Wednesday, April 26th. Scotiabank cut shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, June 9th. National Bank Financial initiated coverage on shares of Suncor Energy in a report on Tuesday, June 27th. They issued an “outperform” rating for the company. Finally, Piper Jaffray Companies decreased their price objective on shares of Suncor Energy from $40.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, July 3rd. Five equities research 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. The stock 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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