Citigroup Inc. Cuts Stock Holdings in Suncor Energy Inc. $SU

Key Points

• Citigroup Inc. has reduced its stake in Suncor Energy Inc. by 20%, selling 71,371 shares, leaving it with 284,693 shares valued at approximately $11 million.
• In contrast, several large investors such as Principal Financial Group and Goldman Sachs significantly increased their holdings in Suncor Energy during the same period.
• Suncor Energy recently announced a quarterly dividend increase to $0.4135 per share, reflecting a yield of 4.3%, with a payout ratio of 50.46%.

Citigroup Inc. lowered its holdings in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 20.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 284,693 shares of the oil and gas producer's stock after selling 71,371 shares during the period. Citigroup Inc.'s holdings in Suncor Energy were worth $11,022,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of SU. Hanson & Doremus Investment Management grew its position in Suncor Energy by 143.5% in the 1st quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 465 shares during the period. Salem Investment Counselors Inc. grew its position in Suncor Energy by 97.6% in the 1st quarter. Salem Investment Counselors Inc. now owns 820 shares of the oil and gas producer's stock worth $32,000 after purchasing an additional 405 shares during the period. N.E.W. Advisory Services LLC bought a new stake in Suncor Energy in the 1st quarter worth approximately $36,000. Wayfinding Financial LLC bought a new stake in Suncor Energy in the 1st quarter worth approximately $42,000. Finally, ORG Wealth Partners LLC bought a new stake in Suncor Energy in the 1st quarter worth approximately $44,000. Institutional investors own 67.37% of the company's stock.

Suncor Energy Stock Performance

SU stock traded up $0.2610 during midday trading on Wednesday, reaching $38.6210. 1,441,403 shares of the company's stock traded hands, compared to its average volume of 4,657,336. Suncor Energy Inc. has a 52-week low of $30.79 and a 52-week high of $41.94. The stock has a market cap of $47.04 billion, a P/E ratio of 11.89, a PEG ratio of 3.32 and a beta of 0.84. The company has a current ratio of 1.26, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. The stock's 50-day moving average is $39.10 and its 200 day moving average is $37.37.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last announced its earnings results on Tuesday, August 5th. The oil and gas producer reported $0.51 EPS for the quarter, beating 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 business had revenue of $8.81 billion during the quarter, compared to analysts' expectations of $11.56 billion. During the same period in the prior year, the company earned $1.27 earnings per share. As a group, analysts anticipate that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Increases Dividend

The company also recently disclosed 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. This represents a $1.65 dividend on an annualized basis and a dividend yield of 4.3%. 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. Suncor Energy's dividend payout ratio is currently 51.08%.

Suncor Energy 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.