Bridges Investment Management Inc. reduced its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 1.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,557 shares of the oil and gas producer’s stock after selling 175 shares during the period. Bridges Investment Management Inc.’s holdings in Suncor Energy were worth $454,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of SU. Perkins Coie Trust Co boosted its stake in Suncor Energy by 2.1% in the first quarter. Perkins Coie Trust Co now owns 29,164 shares of the oil and gas producer’s stock valued at $897,000 after buying an additional 612 shares in the last quarter. Univest Corp of Pennsylvania raised its position in shares of Suncor Energy by 7.3% in the first quarter. Univest Corp of Pennsylvania now owns 89,066 shares of the oil and gas producer’s stock worth $2,739,000 after buying an additional 6,067 shares during the last quarter. Nexus Investment Management Inc. raised its position in shares of Suncor Energy by 3.2% in the first quarter. Nexus Investment Management Inc. now owns 476,747 shares of the oil and gas producer’s stock worth $14,613,000 after buying an additional 14,632 shares during the last quarter. Addenda Capital Inc. raised its position in shares of Suncor Energy by 4.7% in the first quarter. Addenda Capital Inc. now owns 1,593,270 shares of the oil and gas producer’s stock worth $48,777,000 after buying an additional 72,040 shares during the last quarter. Finally, Gulf International Bank UK Ltd raised its position in shares of Suncor Energy by 3.4% in the first quarter. Gulf International Bank UK Ltd now owns 520,602 shares of the oil and gas producer’s stock worth $15,960,000 after buying an additional 17,250 shares during the last quarter. 65.59% of the stock is owned by institutional investors.
Shares of Suncor Energy Inc. (SU) traded up 0.64% during trading on Friday, reaching $31.42. The company’s stock had a trading volume of 1,786,685 shares. The firm has a market cap of $52.14 billion, a PE ratio of 24.39 and a beta of 0.82. The company’s 50 day moving average price is $30.98 and its 200 day moving average price is $30.93. Suncor Energy Inc. has a 12 month low of $25.70 and a 12 month high of $33.79.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Tuesday, September 5th will be given a dividend of $0.2552 per share. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.25%. This is an increase from Suncor Energy ‘s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, August 31st. Suncor Energy ‘s dividend payout ratio (DPR) is presently 77.87%.
Suncor Energy announced that its Board of Directors has approved a share buyback plan on Wednesday, April 26th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the oil and gas producer to repurchase up to 3.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
A number of brokerages recently commented on SU. Scotiabank lowered Suncor Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, June 9th. Citigroup Inc. reiterated a “buy” rating on shares of Suncor Energy in a research note on Wednesday, August 2nd. Piper Jaffray Companies dropped their price objective on Suncor Energy from $40.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, July 3rd. Zacks Investment Research cut Suncor Energy from a “hold” rating to a “sell” rating in a report on Wednesday, April 26th. Finally, BidaskClub upgraded Suncor Energy from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Suncor Energy has an average rating of “Buy” and a consensus price target of $42.10.
Suncor Energy Company Profile
Suncor Energy Inc (Suncor) is an integrated energy company. The Company is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. The Company’s Oil Sands segment includes Oil Sands operations and Oil Sands ventures operations.
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