AGF Management Ltd. Decreases Holdings in Suncor Energy Inc. (NYSE:SU)

Key Points

• AGF Management Ltd. reduced its stake in Suncor Energy Inc. by 19.0%, selling 675,729 shares and holding 2,875,477 shares at the end of the first quarter.
• Suncor Energy reported earnings of $0.51 per share for the most recent quarter, slightly exceeding analysts' expectations, despite lower revenue of $8.81 billion compared to the consensus estimate of $11.56 billion.
• The company has increased its quarterly dividend to $0.4135 per share, with a dividend yield of 4.2%, reflecting a boost from the previous dividend of $0.41.

AGF Management Ltd. lowered its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 19.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,875,477 shares of the oil and gas producer's stock after selling 675,729 shares during the quarter. AGF Management Ltd. owned 0.23% of Suncor Energy worth $111,338,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of SU. Nuveen LLC purchased a new position in Suncor Energy in the first quarter valued at $126,048,000. Aigen Investment Management LP purchased a new position in shares of Suncor Energy during the first quarter worth about $646,000. Entropy Technologies LP purchased a new position in shares of Suncor Energy during the first quarter worth about $2,129,000. Zions Bancorporation National Association UT purchased a new position in shares of Suncor Energy during the first quarter worth about $969,000. Finally, WealthPlan Investment Management LLC purchased a new position in shares of Suncor Energy during the first quarter worth about $764,000. Hedge funds and other institutional investors own 67.37% of the company's stock.

Suncor Energy Stock Performance

Shares of NYSE SU traded up $0.09 during midday trading on Wednesday, reaching $38.93. 2,016,735 shares of the company were exchanged, compared to its average volume of 3,286,868. The company has a current ratio of 1.26, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. Suncor Energy Inc. has a 1 year low of $30.79 and a 1 year high of $41.94. The stock has a fifty day simple moving average of $38.97 and a 200 day simple moving average of $37.37. The stock has a market cap of $47.41 billion, a P/E ratio of 11.98, a PEG ratio of 3.35 and a beta of 0.84.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last announced its quarterly earnings data on Tuesday, August 5th. The oil and gas producer reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.01. The firm had revenue of $8.81 billion during the quarter, compared to the consensus estimate of $11.56 billion. Suncor Energy had a net margin of 11.35% and a return on equity of 13.21%. During the same quarter last year, the firm earned $1.27 earnings per share. On average, research analysts forecast that Suncor Energy Inc. will post 3.42 earnings per share for the current fiscal year.

Suncor Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be given a $0.4135 dividend. The ex-dividend date is Thursday, September 4th. This is an increase from Suncor Energy's previous quarterly dividend of $0.41. This represents a $1.65 dividend on an annualized basis and a yield of 4.2%. Suncor Energy's payout ratio is 51.08%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered Suncor Energy from a "buy" rating to a "hold" rating in a report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Suncor Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $66.00.

Suncor Energy Company Profile

Suncor Energy Inc operates as an integrated energy company in Canada, the United States, and internationally. It operates through Oil Sands; Exploration and Production; and Refining and Marketing segments. The Oil Sands segment explores, develops, and produces bitumen, synthetic crude oil, and related products.