Cidel Asset Management Inc. Increases Stock Holdings in Suncor Energy Inc. $SU

Cidel Asset Management Inc. increased its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 170.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 376,897 shares of the oil and gas producer’s stock after purchasing an additional 237,609 shares during the period. Cidel Asset Management Inc.’s holdings in Suncor Energy were worth $20,269,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc raised its stake in shares of Suncor Energy by 418.9% during the second quarter. Versant Capital Management Inc now owns 493 shares of the oil and gas producer’s stock valued at $26,000 after purchasing an additional 398 shares during the period. Continuum Advisory LLC purchased a new position in shares of Suncor Energy in the second quarter valued at $27,000. Headlands Technologies LLC purchased a new position in shares of Suncor Energy in the second quarter valued at $31,000. 1 North Wealth Services LLC acquired a new stake in Suncor Energy during the 4th quarter valued at $32,000. Finally, Accent Capital Management LLC grew its holdings in Suncor Energy by 37.5% during the 4th quarter. Accent Capital Management LLC now owns 825 shares of the oil and gas producer’s stock valued at $37,000 after purchasing an additional 225 shares in the last quarter. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Suncor Energy Trading Up 0.9%

Shares of NYSE SU opened at $67.92 on Wednesday. The stock’s 50 day moving average price is $63.77 and its two-hundred day moving average price is $62.72. Suncor Energy Inc. has a 52-week low of $37.76 and a 52-week high of $70.29. The stock has a market capitalization of $79.44 billion, a P/E ratio of 12.51, a PEG ratio of 0.49 and a beta of 0.30. The company has a quick ratio of 1.08, a current ratio of 1.65 and a debt-to-equity ratio of 0.19.

Suncor Energy (NYSE:SU) (TSE:SU) last issued its quarterly earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.19. The business had revenue of $13.41 billion during the quarter, compared to the consensus estimate of $11.68 billion. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%.During the same period in the previous year, the business earned $0.71 EPS. On average, analysts anticipate that Suncor Energy Inc. will post 7.39 earnings per share for the current fiscal year.

Suncor Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Friday, September 4th. Suncor Energy’s dividend payout ratio is 31.86%.

Wall Street Analysts Forecast Growth

SU has been the topic of several analyst reports. Weiss Ratings raised shares of Suncor Energy from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Scotiabank raised shares of Suncor Energy to a “strong-buy” rating in a research report on Friday, June 26th. The Goldman Sachs Group downgraded Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 target price for the company. in a research note on Friday, June 5th. Desjardins raised Suncor Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Finally, Morgan Stanley set a $106.00 price target on Suncor Energy in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Suncor Energy presently has an average rating of “Moderate Buy” and a consensus target price of $80.25.

Suncor Energy Company Profile

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations include the development, production and upgrading of oil sands resources, conventional oil and natural gas production, and the refining and marketing of petroleum products.

Suncor produces crude oil, synthetic crude oil, refined fuels, lubricants and petrochemical feedstocks. Through its Petro-Canada brand, the company operates retail fuel stations and convenience stores across Canada, while its refining and marketing activities serve customers in Canada and the United States.

Founded in 1919, Suncor has evolved from an oil sands producer into one of Canada’s largest integrated energy companies.