Chemical Bank Purchases New Position in Suncor Energy Inc. (SU)
Chemical Bank purchased a new stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 8,300 shares of the oil and gas producer’s stock, valued at approximately $242,000.
Several other institutional investors and hedge funds have also modified their holdings of the company. FMR LLC increased its stake in shares of Suncor Energy by 3.4% in the 1st quarter. FMR LLC now owns 105,191,127 shares of the oil and gas producer’s stock valued at $3,229,653,000 after purchasing an additional 3,492,013 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Suncor Energy by 5.2% in the 1st 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 purchasing an additional 3,103,397 shares during the last quarter. Vanguard Group Inc. grew its position in Suncor Energy by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 38,530,806 shares of the oil and gas producer’s stock worth $1,184,822,000 after acquiring an additional 1,549,342 shares during the last quarter. BlackRock Inc. grew its position in Suncor Energy by 11,547,276.0% during the 1st quarter. BlackRock Inc. now owns 23,556,647 shares of the oil and gas producer’s stock worth $724,366,000 after acquiring an additional 23,556,443 shares during the last quarter. Finally, CIBC Asset Management Inc grew its position in Suncor Energy by 4.8% during the 2nd quarter. CIBC Asset Management Inc now owns 15,871,361 shares of the oil and gas producer’s stock worth $463,195,000 after acquiring an additional 725,934 shares during the last quarter. Institutional investors own 64.07% of the company’s stock.
Suncor Energy Inc. (SU) opened at 34.13 on Friday. The firm has a market capitalization of $56.63 billion, a P/E ratio of 26.44 and a beta of 0.82. Suncor Energy Inc. has a one year low of $25.70 and a one year high of $34.22. The firm’s 50-day moving average price is $32.26 and its 200 day moving average price is $31.00.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Tuesday, September 5th will be paid a dividend of $0.2552 per share. This is a boost from Suncor Energy ‘s previous quarterly dividend of $0.24. This represents a $1.02 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Thursday, August 31st. Suncor Energy ‘s dividend payout ratio (DPR) is 84.43%.
A number of brokerages recently weighed in on SU. BidaskClub lowered Suncor Energy from a “hold” rating to a “sell” rating in a research report on Friday, August 18th. Piper Jaffray Companies reduced their price objective on Suncor Energy from $40.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, July 3rd. National Bank Financial began coverage on Suncor Energy in a research report on Tuesday, June 27th. They set an “outperform” rating on the stock. Scotiabank lowered Suncor Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, June 9th. Finally, AltaCorp Capital lowered Suncor Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $42.86.
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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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