Bank of New York Mellon Corp Sells 237,830 Shares of Suncor Energy Inc. $SU

Key Points

• Bank of New York Mellon cut its Suncor Energy stake by 7.8% in the fourth quarter, selling 237,830 shares and leaving it with 2,827,979 shares valued at about $125.4 million.
• Suncor reported Q1 earnings of $1.41 per share, missing analyst expectations, but revenue came in above estimates at $10.41 billion.
• The company declared a quarterly dividend of $0.60 per share, implying a 3.9% yield; analysts currently rate the stock a Moderate Buy with a consensus target price of $71.67.

Bank of New York Mellon Corp lowered its position in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 7.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,827,979 shares of the oil and gas producer's stock after selling 237,830 shares during the period. Bank of New York Mellon Corp owned 0.24% of Suncor Energy worth $125,449,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Fisher Asset Management LLC boosted its holdings in shares of Suncor Energy by 85.5% in the 3rd quarter. Fisher Asset Management LLC now owns 15,530,965 shares of the oil and gas producer's stock valued at $649,350,000 after purchasing an additional 7,158,953 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Suncor Energy by 62.2% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 13,335,239 shares of the oil and gas producer's stock valued at $557,682,000 after purchasing an additional 5,113,280 shares in the last quarter. Alyeska Investment Group L.P. boosted its holdings in shares of Suncor Energy by 334.8% during the 3rd quarter. Alyeska Investment Group L.P. now owns 2,590,863 shares of the oil and gas producer's stock valued at $108,324,000 after acquiring an additional 1,995,007 shares in the last quarter. Bank of Nova Scotia boosted its holdings in shares of Suncor Energy by 63.5% during the 3rd quarter. Bank of Nova Scotia now owns 5,028,399 shares of the oil and gas producer's stock valued at $210,474,000 after acquiring an additional 1,952,444 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its holdings in shares of Suncor Energy by 173.2% during the 3rd quarter. Lazard Asset Management LLC now owns 3,036,031 shares of the oil and gas producer's stock valued at $126,994,000 after acquiring an additional 1,924,923 shares in the last quarter. Institutional investors own 67.37% of the company's stock.

Suncor Energy Stock Performance

SU stock opened at $62.28 on Friday. The stock has a 50-day moving average price of $65.31 and a 200-day moving average price of $55.76. Suncor Energy Inc. has a 1-year low of $36.60 and a 1-year high of $70.29. The company has a current ratio of 1.42, a quick ratio of 0.92 and a debt-to-equity ratio of 0.20. The firm has a market cap of $73.54 billion, a PE ratio of 16.35 and a beta of 0.27.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.41 EPS for the quarter, missing analysts' consensus estimates of $1.45 by ($0.04). Suncor Energy had a net margin of 12.29% and a return on equity of 13.96%. The firm had revenue of $10.41 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the firm earned $1.31 earnings per share. As a group, equities research analysts expect that Suncor Energy Inc. will post 7.07 earnings per share for the current year.

Suncor Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 4th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Thursday, June 4th. Suncor Energy's payout ratio is currently 45.67%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SU. Weiss Ratings downgraded Suncor Energy from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday. ATB Cormark Capital Markets raised Suncor Energy from a "hold" rating to a "moderate buy" rating in a report on Wednesday, April 1st. Royal Bank Of Canada raised their price objective on Suncor Energy from $75.00 to $89.00 and gave the company an "outperform" rating in a report on Wednesday, April 1st. Wall Street Zen downgraded Suncor Energy from a "strong-buy" rating to a "buy" rating in a report on Sunday. Finally, Zacks Research downgraded Suncor Energy from a "strong-buy" rating to a "hold" rating in a report on Monday, June 1st. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $71.67.

Suncor Energy Profile

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company's operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.

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