Guinness Asset Management LTD Sells 64,977 Shares of Suncor Energy Inc. $SU

Key Points

• Guinness Asset Management LTD reduced its stake in Suncor Energy by 19.3%, owning 272,114 shares valued at approximately $10.5 million after selling 64,977 shares in the first quarter.
• Despite some institutional investors increasing their stakes, Suncor Energy's stock was trading down 0.6% on Friday, with a market cap of $50.98 billion and a P/E ratio of 12.93.
• Suncor Energy announced an increase in its quarterly dividend to $0.4135 per share, representing a 3.9% yield and a payout ratio of 50.77%.

Guinness Asset Management LTD reduced its holdings in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 19.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 272,114 shares of the oil and gas producer's stock after selling 64,977 shares during the quarter. Guinness Asset Management LTD's holdings in Suncor Energy were worth $10,498,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. raised its holdings in shares of Suncor Energy by 65.0% in the 1st quarter. Principal Financial Group Inc. now owns 16,018,129 shares of the oil and gas producer's stock worth $620,136,000 after purchasing an additional 6,311,513 shares in the last quarter. Inscription Capital LLC acquired a new stake in shares of Suncor Energy during the first quarter valued at approximately $247,000. Vident Advisory LLC raised its holdings in shares of Suncor Energy by 967.9% during the fourth quarter. Vident Advisory LLC now owns 519,112 shares of the oil and gas producer's stock valued at $18,522,000 after acquiring an additional 470,500 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Suncor Energy by 13.3% during the first quarter. Bank of New York Mellon Corp now owns 3,492,472 shares of the oil and gas producer's stock valued at $135,228,000 after acquiring an additional 409,032 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in shares of Suncor Energy by 14.2% during the fourth quarter. Ameriprise Financial Inc. now owns 623,306 shares of the oil and gas producer's stock valued at $22,884,000 after acquiring an additional 77,556 shares during the period. 67.37% of the stock is currently owned by institutional investors.

Suncor Energy Trading Down 0.7%

Shares of SU stock traded down $0.29 during trading hours on Friday, reaching $41.73. 1,937,645 shares of the stock traded hands, compared to its average volume of 4,256,477. Suncor Energy Inc. has a 1-year low of $30.79 and a 1-year high of $42.40. The business has a fifty day moving average price of $39.72 and a 200 day moving average price of $37.55. The company has a quick ratio of 0.77, a current ratio of 1.26 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $50.63 billion, a PE ratio of 12.84, a PEG ratio of 3.59 and a beta of 0.87.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last released its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share (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 for the quarter, compared to analyst estimates of $11.56 billion. During the same quarter in the previous year, the business earned $1.27 earnings per share. On average, equities research analysts forecast that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 4th will be given a dividend of $0.4135 per share. The ex-dividend date of this dividend is Thursday, September 4th. This is a boost from Suncor Energy's previous quarterly dividend of $0.41. This represents a $1.65 dividend on an annualized basis and a yield of 4.0%. Suncor Energy's payout ratio is presently 50.77%.

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.