Guinness Asset Management Ltd Sells 68,900 Shares of Suncor Energy Inc. (NYSE:SU)

Guinness Asset Management Ltd cut its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 19.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 291,562 shares of the oil and gas producer’s stock after selling 68,900 shares during the quarter. Suncor Energy accounts for about 1.5% of Guinness Asset Management Ltd’s portfolio, making the stock its 20th largest position. Guinness Asset Management Ltd’s holdings in Suncor Energy were worth $9,114,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Princeton Global Asset Management LLC grew its holdings in shares of Suncor Energy by 6.8% during the 1st quarter. Princeton Global Asset Management LLC now owns 67,179 shares of the oil and gas producer’s stock valued at $2,178,000 after purchasing an additional 4,277 shares during the last quarter. Icon Wealth Partners LLC bought a new stake in shares of Suncor Energy during the 1st quarter valued at approximately $58,000. Ellis Investment Partners LLC bought a new stake in shares of Suncor Energy during the 1st quarter valued at approximately $428,000. Perkins Coie Trust Co grew its holdings in Suncor Energy by 24.4% during the 2nd quarter. Perkins Coie Trust Co now owns 3,160 shares of the oil and gas producer’s stock worth $98,000 after acquiring an additional 620 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in Suncor Energy by 39.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 94,631 shares of the oil and gas producer’s stock worth $3,070,000 after acquiring an additional 26,997 shares during the last quarter. 65.24% of the stock is currently owned by institutional investors.

A number of equities research analysts have weighed in on the stock. ValuEngine lowered shares of Suncor Energy from a “hold” rating to a “sell” rating in a report on Saturday, July 6th. Mizuho reissued an “average” rating and set a $52.00 target price on shares of Suncor Energy in a report on Monday, April 22nd. GMP Securities reissued a “hold” rating and set a $48.00 target price on shares of Suncor Energy in a report on Tuesday, May 7th. Zacks Investment Research raised shares of Suncor Energy from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Monday, May 13th. Finally, BMO Capital Markets reissued a “buy” rating on shares of Suncor Energy in a report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $47.48.

SU traded down $0.04 during trading on Tuesday, reaching $27.60. 382,877 shares of the company’s stock were exchanged, compared to its average volume of 3,367,798. Suncor Energy Inc. has a one year low of $25.81 and a one year high of $42.24. The company has a quick ratio of 0.63, a current ratio of 0.98 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $43.26 billion, a PE ratio of 13.82, a PEG ratio of 1.56 and a beta of 1.08. The stock has a fifty day moving average price of $30.89.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 4th will be given a $0.321 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.65%. This is an increase from Suncor Energy’s previous quarterly dividend of $0.31. Suncor Energy’s payout ratio is 62.00%.

About Suncor Energy

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.

Further Reading: How to calculate the intrinsic value of a stock

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Institutional Ownership by Quarter for Suncor Energy (NYSE:SU)

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