First Foundation Advisors Sells 51,665 Shares of Suncor Energy Inc. (NYSE:SU)

Key Points

• First Foundation Advisors has reduced its holdings in Suncor Energy Inc. by 10.2%, selling 51,665 shares and currently owning 454,062 shares valued at approximately $17.58 million.
• Suncor Energy recently reported quarterly earnings of $0.91 per share, exceeding analysts' expectations, but its revenue fell short at $9.10 billion compared to the estimated $13.39 billion.
• The company increased its quarterly dividend to $0.4133 per share, reflecting a 4.14% yield, up from the previous dividend of $0.40.

First Foundation Advisors lessened its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 10.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 454,062 shares of the oil and gas producer's stock after selling 51,665 shares during the quarter. First Foundation Advisors' holdings in Suncor Energy were worth $17,581,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SU. Prudential Financial Inc. grew its position in Suncor Energy by 68.8% in the fourth quarter. Prudential Financial Inc. now owns 111,222 shares of the oil and gas producer's stock worth $3,968,000 after buying an additional 45,340 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Suncor Energy by 250.8% in the 4th quarter. CIBC Private Wealth Group LLC now owns 19,811 shares of the oil and gas producer's stock worth $759,000 after purchasing an additional 14,163 shares during the period. Alliancebernstein L.P. boosted its stake in Suncor Energy by 120.4% in the 4th quarter. Alliancebernstein L.P. now owns 228,696 shares of the oil and gas producer's stock worth $8,160,000 after purchasing an additional 124,935 shares during the period. Summit Financial LLC acquired a new position in Suncor Energy in the 4th quarter worth approximately $1,979,000. Finally, HighPoint Advisor Group LLC acquired a new position in Suncor Energy in the 4th quarter worth approximately $197,000. Institutional investors and hedge funds own 67.37% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered shares of 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 given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $66.00.

Suncor Energy Stock Down 1.0%

Shares of NYSE:SU traded down $0.40 during trading on Friday, reaching $39.06. 3,846,066 shares of the company traded hands, compared to its average volume of 4,796,758. The firm has a fifty day simple moving average of $38.42 and a 200 day simple moving average of $37.39. The firm has a market cap of $47.57 billion, a P/E ratio of 11.26, a price-to-earnings-growth ratio of 3.50 and a beta of 0.80. Suncor Energy Inc. has a 1-year low of $30.79 and a 1-year high of $41.94. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.21.

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

Suncor Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Wednesday, June 4th were issued a dividend of $0.4133 per share. This represents a $1.65 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Wednesday, June 4th. This is a positive change from Suncor Energy's previous quarterly dividend of $0.40. Suncor Energy's payout ratio is presently 47.84%.

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.