AXS Investments LLC Trims Stock Position in Suncor Energy Inc. (NYSE:SU)

Key Points

• AXS Investments LLC significantly reduced its stake in Suncor Energy Inc. by 73.2%, ending the first quarter with 12,587 shares valued at approximately $487,000.
• Despite some investors increasing their holdings, Wall Street analysts have downgraded the stock from a "buy" to a "hold" rating, resulting in a consensus rating of "Moderate Buy" with an average target price of $66.00.
• Suncor Energy recently announced an increase in its quarterly dividend to $0.4135 per share, representing a 4.2% dividend yield, with the ex-dividend date set for September 4th.

AXS Investments LLC cut its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 73.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,587 shares of the oil and gas producer's stock after selling 34,315 shares during the period. AXS Investments LLC's holdings in Suncor Energy were worth $487,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Goldman Sachs Group Inc. grew its position in Suncor Energy by 83.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,426,008 shares of the oil and gas producer's stock valued at $481,135,000 after acquiring an additional 5,658,880 shares in the last quarter. Wealthspire Advisors LLC purchased a new position in shares of Suncor Energy in the first quarter valued at approximately $379,000. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Suncor Energy by 369.6% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 1,700 shares of the oil and gas producer's stock valued at $66,000 after purchasing an additional 1,338 shares in the last quarter. Ruffer LLP increased its stake in Suncor Energy by 3.4% during the 1st quarter. Ruffer LLP now owns 973,447 shares of the oil and gas producer's stock worth $37,701,000 after buying an additional 31,750 shares during the period. Finally, NewEdge Wealth LLC lifted its holdings in Suncor Energy by 4.3% during the 1st quarter. NewEdge Wealth LLC now owns 897,009 shares of the oil and gas producer's stock worth $34,732,000 after buying an additional 37,302 shares in the last quarter. 67.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut shares of Suncor Energy from a "buy" rating to a "hold" rating in a research report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $66.00.

Suncor Energy Stock Up 0.4%

Shares of SU traded up $0.16 during midday trading on Friday, hitting $39.19. The company had a trading volume of 3,738,487 shares, compared to its average volume of 3,378,244. Suncor Energy Inc. has a 1 year low of $30.79 and a 1 year high of $41.94. The firm has a market capitalization of $47.73 billion, a P/E ratio of 12.06, a P/E/G ratio of 3.44 and a beta of 0.84. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.84 and a current ratio of 1.26. The company's 50-day simple moving average is $38.83 and its 200-day simple moving average is $37.38.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.01. Suncor Energy had a net margin of 11.35% and a return on equity of 13.21%. The company had revenue of $8.81 billion during the quarter, compared to the consensus estimate of $11.56 billion. During the same quarter in the previous year, the firm earned $1.27 earnings per share. As a group, sell-side analysts expect that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.4135 per share. This is a boost from Suncor Energy's previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.65 annualized dividend and a dividend yield of 4.2%. Suncor Energy's dividend payout ratio is 51.08%.

About Suncor Energy

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.