Suncor Energy Inc. (NYSE:SU) Holdings Cut by Van ECK Associates Corp

Van ECK Associates Corp reduced its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 9.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 710,539 shares of the oil and gas producer’s stock after selling 72,025 shares during the period. Van ECK Associates Corp owned 0.06% of Suncor Energy worth $27,088,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Johnson Financial Group Inc. acquired a new position in shares of Suncor Energy during the 4th quarter valued at about $25,000. Richardson Financial Services Inc. bought a new position in shares of Suncor Energy in the fourth quarter valued at approximately $25,000. Trust Co. of Vermont acquired a new stake in shares of Suncor Energy in the second quarter worth $26,000. Summit Securities Group LLC bought a new stake in shares of Suncor Energy during the 2nd quarter worth $27,000. Finally, Ridgewood Investments LLC acquired a new position in Suncor Energy in the 2nd quarter valued at $29,000. 67.37% of the stock is owned by institutional investors and hedge funds.

Suncor Energy Stock Performance

SU traded down $0.43 during trading on Friday, reaching $40.54. 2,311,679 shares of the company’s stock were exchanged, compared to its average volume of 4,152,580. Suncor Energy Inc. has a fifty-two week low of $29.45 and a fifty-two week high of $41.94. The company has a market capitalization of $51.50 billion, a P/E ratio of 9.03, a PEG ratio of 2.73 and a beta of 1.12. The company has a quick ratio of 0.93, a current ratio of 1.46 and a debt-to-equity ratio of 0.26. The business has a 50 day moving average price of $39.08 and a 200 day moving average price of $37.95.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its earnings results on Tuesday, August 6th. The oil and gas producer reported $1.27 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.51. The business had revenue of $12.90 billion for the quarter, compared to analyst estimates of $9.30 billion. Suncor Energy had a net margin of 14.40% and a return on equity of 16.22%. The firm’s revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.71 EPS. As a group, analysts predict that Suncor Energy Inc. will post 3.71 earnings per share for the current fiscal year.

Suncor Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 4th will be paid a $0.395 dividend. This represents a $1.58 annualized dividend and a yield of 3.90%. The ex-dividend date is Wednesday, September 4th. Suncor Energy’s dividend payout ratio is 35.63%.

Analyst Ratings Changes

SU has been the subject of a number of research analyst reports. TD Securities raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. BMO Capital Markets upgraded Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Wednesday, August 7th. Scotiabank dropped their price target on Suncor Energy from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research report on Friday, July 12th. The Goldman Sachs Group increased their price objective on Suncor Energy from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Finally, StockNews.com raised shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Suncor Energy has an average rating of “Moderate Buy” and an average price target of $54.86.

About Suncor Energy

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.