Jennison Associates LLC lowered its position in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 10.7% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 4,321,310 shares of the oil and gas producer’s stock after selling 519,258 shares during the period. Jennison Associates LLC owned 0.26% of Suncor Energy worth $126,208,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SU. BlackRock Inc. increased its stake in shares of 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 valued at $724,366,000 after buying an additional 23,556,443 shares during the period. OppenheimerFunds Inc. increased its stake in shares of Suncor Energy by 39.1% in the first quarter. OppenheimerFunds Inc. now owns 15,323,679 shares of the oil and gas producer’s stock valued at $471,203,000 after buying an additional 4,309,173 shares during the period. FMR LLC increased its stake in shares of Suncor Energy by 3.4% in the first quarter. FMR LLC now owns 105,191,127 shares of the oil and gas producer’s stock valued at $3,229,653,000 after buying an additional 3,492,013 shares during the period. Wellington Management Group LLP increased its stake in shares of Suncor Energy by 5.2% in the first quarter. Wellington Management Group LLP now owns 62,617,740 shares of the oil and gas producer’s stock valued at $1,922,960,000 after buying an additional 3,103,397 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of Suncor Energy by 30.4% in the first quarter. Bank of America Corp DE now owns 8,870,177 shares of the oil and gas producer’s stock valued at $272,758,000 after buying an additional 2,065,451 shares during the period. Hedge funds and other institutional investors own 65.59% of the company’s stock.

Shares of Suncor Energy Inc. (NYSE SU) opened at 31.42 on Friday. The stock has a market cap of $52.14 billion, a P/E ratio of 24.68 and a beta of 0.82. Suncor Energy Inc. has a 52-week low of $25.70 and a 52-week high of $33.79. The firm has a 50-day moving average of $30.98 and a 200-day moving average of $30.93.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Tuesday, September 5th will be issued a $0.2552 dividend. This represents a $1.02 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Thursday, August 31st. This is a boost from Suncor Energy ‘s previous quarterly dividend of $0.24. Suncor Energy ‘s dividend payout ratio is 77.87%.

Suncor Energy declared that its board has authorized a stock buyback plan on Wednesday, April 26th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the oil and gas producer to buy up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

WARNING: “Jennison Associates LLC Cuts Stake in Suncor Energy Inc. (SU)” was originally published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this article on another website, it was illegally copied and republished in violation of US and international trademark and copyright legislation. The original version of this article can be read at https://www.thecerbatgem.com/2017/08/20/jennison-associates-llc-cuts-stake-in-suncor-energy-inc-su.html.

Several equities research analysts recently commented on the stock. BidaskClub upgraded shares of Suncor Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. AltaCorp Capital downgraded shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, July 28th. Citigroup Inc. restated a “buy” rating on shares of Suncor Energy in a research report on Wednesday, August 2nd. Zacks Investment Research downgraded shares of Suncor Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, April 26th. Finally, Scotiabank downgraded shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, June 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Suncor Energy presently has a consensus rating of “Buy” and a consensus price target of $42.86.

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.

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

Receive News & Stock Ratings for Suncor Energy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Suncor Energy Inc. and related stocks with our FREE daily email newsletter.