Jennison Associates LLC reduced its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 32.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,239,081 shares of the oil and gas producer’s stock after selling 1,091,477 shares during the period. Jennison Associates LLC owned approximately 0.14% of Suncor Energy worth $91,086,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Suncor Energy by 11.8% during the first quarter. BlackRock Inc. now owns 29,375,219 shares of the oil and gas producer’s stock valued at $1,014,620,000 after purchasing an additional 3,097,714 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Suncor Energy by 17.1% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 19,966,446 shares of the oil and gas producer’s stock valued at $812,045,000 after purchasing an additional 2,911,304 shares during the period. OppenheimerFunds Inc. boosted its position in shares of Suncor Energy by 4.0% in the 1st quarter. OppenheimerFunds Inc. now owns 14,801,106 shares of the oil and gas producer’s stock valued at $511,230,000 after purchasing an additional 564,375 shares during the period. Great West Life Assurance Co. Can boosted its position in shares of Suncor Energy by 1.2% in the 1st quarter. Great West Life Assurance Co. Can now owns 13,469,863 shares of the oil and gas producer’s stock valued at $464,452,000 after purchasing an additional 158,767 shares during the period. Finally, Sanders Capital LLC acquired a new stake in Suncor Energy during the 2nd quarter worth about $525,087,000. Institutional investors and hedge funds own 65.57% of the company’s stock.
Suncor Energy stock traded down $0.62 on Friday, reaching $41.18. The company’s stock had a trading volume of 2,308,700 shares, compared to its average volume of 3,303,028. The firm has a market cap of $67.50 billion, a P/E ratio of 27.38, a P/E/G ratio of 1.72 and a beta of 0.79. Suncor Energy Inc. has a twelve month low of $30.68 and a twelve month high of $42.55. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.56 and a current ratio of 0.90.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 25th. Shareholders of record on Tuesday, September 4th will be paid a $0.274 dividend. The ex-dividend date of this dividend is Friday, August 31st. This represents a $1.10 annualized dividend and a yield of 2.66%. Suncor Energy’s dividend payout ratio is 73.51%.
A number of equities research analysts have commented on the company. Mizuho assumed coverage on Suncor Energy in a research report on Monday, July 23rd. They set a “buy” rating for the company. AltaCorp Capital lowered Suncor Energy from an “outperform” rating to a “sector perform” rating in a report on Tuesday, June 12th. Zacks Investment Research downgraded Suncor Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, June 5th. Finally, Morgan Stanley lifted their price target on Suncor Energy from $54.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 23rd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $49.71.
Suncor Energy Profile
Suncor Energy Inc operates as an integrated energy company. The company primarily focuses on developing petroleum resource basins in Canada's Athabasca oil sands; explores, acquires, develops, produces, and markets crude oil and natural gas in Canada and internationally; transports and refines crude oil; markets petroleum and petrochemical products primarily in Canada.
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