Bank of Nova Scotia Trims Stock Position in Suncor Energy Inc. (NYSE:SU)

Key Points

• The Bank of Nova Scotia has reduced its stake in Suncor Energy Inc. by 27.5%, holding 6,873,323 shares after selling over 2.6 million shares in the first quarter.
• Suncor Energy recently increased its quarterly dividend to $0.4133 per share, representing an annualized dividend of $1.65 and a yield of 4.2%.
• Wall Street analysts have downgraded Suncor Energy from a "buy" to a "hold" rating, with a current consensus rating of "Moderate Buy" and an average target price of $66.00.

Bank of Nova Scotia lowered its holdings in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 27.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,873,323 shares of the oil and gas producer's stock after selling 2,605,470 shares during the quarter. Bank of Nova Scotia owned approximately 0.56% of Suncor Energy worth $266,172,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SU. Hanson & Doremus Investment Management grew its stake in shares of Suncor Energy by 143.5% during the 1st quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer's stock valued at $31,000 after acquiring an additional 465 shares during the period. Salem Investment Counselors Inc. grew its stake in shares of Suncor Energy by 97.6% during the 1st quarter. Salem Investment Counselors Inc. now owns 820 shares of the oil and gas producer's stock valued at $32,000 after acquiring an additional 405 shares during the period. N.E.W. Advisory Services LLC bought a new position in shares of Suncor Energy during the 1st quarter valued at approximately $36,000. Covestor Ltd grew its stake in shares of Suncor Energy by 30.5% during the 4th quarter. Covestor Ltd now owns 1,095 shares of the oil and gas producer's stock valued at $39,000 after acquiring an additional 256 shares during the period. Finally, Wayfinding Financial LLC bought a new position in shares of Suncor Energy during the 1st quarter valued at approximately $42,000. Hedge funds and other institutional investors own 67.37% of the company's stock.

Suncor Energy Trading Down 1.0%

SU stock opened at $39.06 on Friday. Suncor Energy Inc. has a 1-year low of $30.79 and a 1-year high of $41.94. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.39 and a quick ratio of 0.84. The company has a market capitalization of $47.57 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 3.48 and a beta of 0.84. The business has a 50 day simple moving average of $38.49 and a two-hundred day simple moving average of $37.38.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last posted its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.05. Suncor Energy had a return on equity of 14.90% and a net margin of 11.95%. The business had revenue of $9.10 billion during the quarter, compared to the consensus estimate of $13.39 billion. During the same period in the prior year, the company posted $1.41 EPS. Research analysts anticipate that Suncor Energy Inc. will post 3.42 EPS for the current fiscal year.

Suncor Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Wednesday, June 4th were given a dividend of $0.4133 per share. The ex-dividend date was Wednesday, June 4th. This represents a $1.65 dividend on an annualized basis and a dividend yield of 4.2%. This is an increase from Suncor Energy's previous quarterly dividend of $0.40. Suncor Energy's dividend payout ratio is currently 47.84%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded Suncor Energy from a "buy" rating to a "hold" rating in a research note on Thursday, April 17th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.

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