TD Asset Management Inc Cuts Position in Suncor Energy Inc. $SU

TD Asset Management Inc decreased its holdings in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 9.5% in the third quarter, Holdings Channel.com reports. The firm owned 23,172,847 shares of the oil and gas producer’s stock after selling 2,428,144 shares during the period. Suncor Energy comprises 0.8% of TD Asset Management Inc’s portfolio, making the stock its 27th largest holding. TD Asset Management Inc’s holdings in Suncor Energy were worth $969,949,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Richardson Financial Services Inc. grew its stake in shares of Suncor Energy by 64.1% in the 3rd quarter. Richardson Financial Services Inc. now owns 704 shares of the oil and gas producer’s stock worth $29,000 after buying an additional 275 shares during the last quarter. Headlands Technologies LLC purchased a new position in Suncor Energy in the 2nd quarter worth approximately $31,000. Hanson & Doremus Investment Management increased its holdings in shares of Suncor Energy by 143.5% in the 3rd quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer’s stock worth $33,000 after purchasing an additional 465 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Suncor Energy by 95.8% in the third quarter. Smartleaf Asset Management LLC now owns 793 shares of the oil and gas producer’s stock worth $33,000 after purchasing an additional 388 shares during the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of Suncor Energy in the second quarter worth $37,000. 67.37% of the stock is owned by institutional investors.

Suncor Energy Stock Performance

NYSE:SU opened at $55.94 on Wednesday. The stock has a 50-day moving average price of $49.67 and a 200 day moving average price of $44.45. The stock has a market capitalization of $66.56 billion, a P/E ratio of 16.12 and a beta of 0.46. Suncor Energy Inc. has a 12-month low of $30.79 and a 12-month high of $57.13. The company has a current ratio of 1.39, a quick ratio of 0.89 and a debt-to-equity ratio of 0.20.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its quarterly earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.02. Suncor Energy had a return on equity of 12.51% and a net margin of 11.99%.The company had revenue of $8.77 billion for the quarter, compared to analysts’ expectations of $8.79 billion. During the same period in the previous year, the firm earned $1.25 EPS. Equities research analysts forecast that Suncor Energy Inc. will post 3.42 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Investors of record on Wednesday, March 4th will be given a dividend of $0.60 per share. The ex-dividend date is Wednesday, March 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.3%. Suncor Energy’s dividend payout ratio is currently 49.57%.

Analyst Upgrades and Downgrades

Several research firms recently commented on SU. The Goldman Sachs Group increased their price objective on Suncor Energy from $48.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Weiss Ratings restated a “buy (b)” rating on shares of Suncor Energy in a research note on Monday, December 29th. Royal Bank Of Canada raised their price target on shares of Suncor Energy from $69.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, February 5th. JPMorgan Chase & Co. raised Suncor Energy from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $46.15 to $54.00 in a report on Tuesday, January 20th. Finally, Raymond James Financial upgraded shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 6th. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.00.

About Suncor Energy

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company’s operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.