Suncor Energy Inc. (SU) is Cidel Asset Management Inc.’s 5th Largest Position
Cidel Asset Management Inc. reduced its position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 3.0% during the second quarter, Holdings Channel reports. The institutional investor owned 3,506,968 shares of the oil and gas producer’s stock after selling 108,800 shares during the period. Suncor Energy comprises approximately 4.7% of Cidel Asset Management Inc.’s portfolio, making the stock its 5th largest position. Cidel Asset Management Inc.’s holdings in Suncor Energy were worth $102,348,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. OLD Mutual Customised Solutions Proprietary Ltd. boosted its position in Suncor Energy by 7.1% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 70,599 shares of the oil and gas producer’s stock worth $2,161,000 after buying an additional 4,699 shares in the last quarter. BlackRock Inc. boosted its position in Suncor Energy by 11,547,276.0% in the first quarter. BlackRock Inc. now owns 23,556,647 shares of the oil and gas producer’s stock worth $724,366,000 after buying an additional 23,556,443 shares in the last quarter. Gateway Investment Advisers LLC boosted its position in Suncor Energy by 0.7% in the second quarter. Gateway Investment Advisers LLC now owns 17,676 shares of the oil and gas producer’s stock worth $516,000 after buying an additional 116 shares in the last quarter. Advisory Services Network LLC acquired a new position in Suncor Energy during the first quarter worth approximately $191,000. Finally, JPMorgan Chase & Co. boosted its position in Suncor Energy by 19.2% in the first quarter. JPMorgan Chase & Co. now owns 2,508,455 shares of the oil and gas producer’s stock worth $77,135,000 after buying an additional 404,808 shares in the last quarter. Hedge funds and other institutional investors own 65.59% of the company’s stock.
Suncor Energy Inc. (NYSE SU) opened at 31.22 on Friday. The firm’s 50-day moving average price is $30.93 and its 200-day moving average price is $30.93. Suncor Energy Inc. has a 1-year low of $25.70 and a 1-year high of $33.79. The firm has a market capitalization of $51.81 billion, a PE ratio of 24.24 and a beta of 0.82.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Tuesday, September 5th will be issued a dividend of $0.2552 per share. This is a positive change from Suncor Energy ‘s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, August 31st. This represents a $1.02 annualized dividend and a dividend yield of 3.27%. Suncor Energy ‘s payout ratio is presently 77.87%.
Suncor Energy declared that its board has authorized a stock buyback plan on Wednesday, April 26th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the oil and gas producer to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
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SU has been the topic of a number of recent analyst reports. Zacks Investment Research cut Suncor Energy from a “hold” rating to a “sell” rating in a report on Wednesday, April 26th. BidaskClub upgraded Suncor Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 24th. Barclays PLC reiterated an “overweight” rating and issued a $52.00 price objective (up from $47.00) on shares of Suncor Energy in a report on Wednesday, July 12th. Citigroup Inc. reiterated a “buy” rating on shares of Suncor Energy in a report on Wednesday, August 2nd. Finally, AltaCorp Capital cut Suncor Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, July 28th. Five analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Suncor Energy has a consensus rating of “Buy” and a consensus target price of $42.10.
About Suncor Energy
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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