Clearbridge Investments LLC Lowers Position in Suncor Energy Inc. (NYSE:SU)

Clearbridge Investments LLC cut its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 65.2% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,322,583 shares of the oil and gas producer’s stock after selling 4,350,528 shares during the quarter. Clearbridge Investments LLC’s holdings in Suncor Energy were worth $85,727,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. O Shaughnessy Asset Management LLC lifted its holdings in shares of Suncor Energy by 4.7% during the first quarter. O Shaughnessy Asset Management LLC now owns 514,918 shares of the oil and gas producer’s stock valued at $19,008,000 after purchasing an additional 22,945 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Suncor Energy by 1.4% during the first quarter. Vanguard Group Inc. now owns 51,226,454 shares of the oil and gas producer’s stock valued at $1,890,768,000 after purchasing an additional 691,497 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Suncor Energy during the first quarter valued at approximately $3,233,000. Pinnacle Wealth Planning Services Inc. lifted its holdings in shares of Suncor Energy by 5.4% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 7,695 shares of the oil and gas producer’s stock valued at $284,000 after purchasing an additional 395 shares during the last quarter. Finally, Locust Wood Capital Advisers LLC lifted its holdings in shares of Suncor Energy by 12.2% during the first quarter. Locust Wood Capital Advisers LLC now owns 3,084,135 shares of the oil and gas producer’s stock valued at $113,835,000 after purchasing an additional 335,516 shares during the last quarter. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Suncor Energy Stock Performance

NYSE:SU traded down $0.05 during trading hours on Wednesday, reaching $38.04. The company had a trading volume of 2,662,745 shares, compared to its average volume of 4,529,578. The company has a current ratio of 1.51, a quick ratio of 0.97 and a debt-to-equity ratio of 0.25. Suncor Energy Inc. has a 52 week low of $29.45 and a 52 week high of $41.50. The firm has a market cap of $48.75 billion, a price-to-earnings ratio of 8.48, a PEG ratio of 3.68 and a beta of 1.12. The firm’s 50 day moving average price is $38.54 and its 200-day moving average price is $36.52.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its earnings results on Tuesday, May 7th. The oil and gas producer reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.15. Suncor Energy had a net margin of 15.38% and a return on equity of 15.69%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $8.64 billion. On average, analysts forecast that Suncor Energy Inc. will post 3.52 EPS for the current year.

Suncor Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 25th. Shareholders of record on Tuesday, June 4th were given a $0.395 dividend. This represents a $1.58 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date of this dividend was Tuesday, June 4th. Suncor Energy’s dividend payout ratio (DPR) is presently 35.63%.

Analyst Ratings Changes

Several research firms have recently issued reports on SU. Scotiabank lowered their target price on shares of Suncor Energy from $61.00 to $60.00 and set a “sector perform” rating for the company in a report on Friday, July 12th. Wolfe Research started coverage on shares of Suncor Energy in a report on Thursday, July 18th. They set an “outperform” rating and a $68.00 target price for the company. Morgan Stanley raised their price target on shares of Suncor Energy from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. The Goldman Sachs Group raised their price target on shares of Suncor Energy from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Finally, TD Securities raised their price target on shares of Suncor Energy from $52.00 to $57.00 and gave the company a “hold” rating in a research report on Wednesday, May 22nd. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $54.75.

Suncor Energy Company 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.