Cardinal Capital Management Inc. Sells 360,652 Shares of Suncor Energy Inc. $SU

Key Points

• Cardinal Capital Management reduced its Suncor Energy stake by 10.3%, selling 360,652 shares in the second quarter while retaining 3.15 million shares valued at approximately $169.1 million.
• Analyst sentiment remains favorable overall: Suncor has a consensus “Moderate Buy” rating and a $71.67 price target, despite Goldman Sachs downgrading the stock to “Neutral.”
• Suncor shares opened at $63.35, near the upper end of their 52-week range, and the company announced a quarterly dividend of $0.60 per share, representing a 3.8% annualized yield.

Cardinal Capital Management Inc. reduced its holdings in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 10.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,149,688 shares of the oil and gas producer's stock after selling 360,652 shares during the period. Suncor Energy makes up about 4.1% of Cardinal Capital Management Inc.'s investment portfolio, making the stock its 6th largest position. Cardinal Capital Management Inc. owned about 0.27% of Suncor Energy worth $169,114,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. AQR Capital Management LLC increased its position in Suncor Energy by 14.2% during the first quarter. AQR Capital Management LLC now owns 25,015 shares of the oil and gas producer's stock worth $959,000 after acquiring an additional 3,115 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Suncor Energy by 172.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,981 shares of the oil and gas producer's stock valued at $77,000 after purchasing an additional 1,254 shares during the period. EverSource Wealth Advisors LLC grew its position in Suncor Energy by 21.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,667 shares of the oil and gas producer's stock worth $100,000 after purchasing an additional 464 shares during the last quarter. AXA S.A. grew its position in Suncor Energy by 17.2% in the 2nd quarter. AXA S.A. now owns 50,278 shares of the oil and gas producer's stock worth $1,883,000 after purchasing an additional 7,395 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of Suncor Energy by 6.4% during the 2nd quarter. NewEdge Advisors LLC now owns 67,142 shares of the oil and gas producer's stock worth $2,514,000 after purchasing an additional 4,043 shares during the period. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SU. The Goldman Sachs Group lowered shares of Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 price objective for the company. in a research report on Friday, June 5th. Weiss Ratings raised Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Desjardins upgraded Suncor Energy to a "moderate buy" rating in a research note on Thursday, July 16th. Wall Street Zen cut Suncor Energy from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. Finally, Scotiabank upgraded Suncor Energy to a "strong-buy" rating in a research report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $71.67.

Suncor Energy Trading Up 1.0%

Shares of Suncor Energy stock opened at $63.35 on Wednesday. The firm has a market capitalization of $74.80 billion, a PE ratio of 11.67, a price-to-earnings-growth ratio of 0.47 and a beta of 0.30. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.65 and a quick ratio of 1.08. The company's fifty day moving average price is $60.41 and its two-hundred day moving average price is $60.84. Suncor Energy Inc. has a 52-week low of $37.76 and a 52-week high of $70.29.

Suncor Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $2.40 dividend on an annualized basis and a yield of 3.8%. Suncor Energy's payout ratio is presently 32.04%.

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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