BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts Stock Position in Suncor Energy Inc. $SU

Key Points

• British Columbia Investment Management Corp has significantly reduced its position in Suncor Energy by 66.5%, selling over 1.6 million shares, leaving it with approximately 0.07% of the company's stock valued at nearly $31.8 million.
• Suncor Energy reported an EPS of $0.51 for the last quarter, exceeding analyst expectations, but its revenue fell short at $8.81 billion compared to the expected $11.56 billion.
• The company will increase its quarterly dividend to $0.4135 per share, reflecting a yield of 4.1%, with the dividend payout ratio currently at 51.08%.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its position in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 66.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 821,999 shares of the oil and gas producer's stock after selling 1,631,315 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.07% of Suncor Energy worth $31,833,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Hanson & Doremus Investment Management boosted its position in Suncor Energy by 143.5% during the first quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer's stock worth $31,000 after acquiring an additional 465 shares during the last quarter. Salem Investment Counselors Inc. boosted its position in Suncor Energy by 97.6% during the first quarter. Salem Investment Counselors Inc. now owns 820 shares of the oil and gas producer's stock worth $32,000 after acquiring an additional 405 shares during the last quarter. N.E.W. Advisory Services LLC acquired a new stake in Suncor Energy during the first quarter worth approximately $36,000. Wayfinding Financial LLC acquired a new stake in Suncor Energy during the first quarter worth approximately $42,000. Finally, ORG Wealth Partners LLC acquired a new stake in Suncor Energy during the first quarter worth approximately $44,000. Institutional investors and hedge funds own 67.37% of the company's stock.

Suncor Energy Trading Down 0.6%

NYSE SU traded down $0.24 during mid-day trading on Tuesday, reaching $40.14. 3,681,081 shares of the stock were exchanged, compared to its average volume of 3,589,932. Suncor Energy Inc. has a 1-year low of $30.79 and a 1-year high of $41.75. The business's fifty day simple moving average is $39.06 and its 200 day simple moving average is $37.42. The stock has a market capitalization of $48.88 billion, a PE ratio of 12.35, a PEG ratio of 3.48 and a beta of 0.84. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.26.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last posted its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.01. The company had revenue of $8.81 billion for 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 posted $1.27 earnings per share. On average, research analysts anticipate that Suncor Energy Inc. will post 3.42 earnings per share for the current fiscal 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 paid a $0.4135 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.65 dividend on an annualized basis and a dividend yield of 4.1%. This is a boost from Suncor Energy's previous quarterly dividend of $0.41. Suncor Energy's 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.