Harvey Capital Management Inc. Trims Stock Position in Suncor Energy Inc. (NYSE:SU)

Harvey Capital Management Inc. reduced its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 40.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,325 shares of the oil and gas producer's stock after selling 7,825 shares during the quarter. Harvey Capital Management Inc.'s holdings in Suncor Energy were worth $439,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Covestor Ltd increased its stake in Suncor Energy by 30.5% in the fourth quarter. Covestor Ltd now owns 1,095 shares of the oil and gas producer's stock valued at $39,000 after purchasing an additional 256 shares during the period. Stifel Financial Corp increased its stake in Suncor Energy by 0.3% in the fourth quarter. Stifel Financial Corp now owns 95,508 shares of the oil and gas producer's stock valued at $3,408,000 after purchasing an additional 265 shares during the period. X Square Capital LLC increased its stake in shares of Suncor Energy by 0.3% during the fourth quarter. X Square Capital LLC now owns 82,720 shares of the oil and gas producer's stock worth $2,951,000 after acquiring an additional 267 shares during the period. Freedom Investment Management Inc. increased its stake in shares of Suncor Energy by 2.0% during the fourth quarter. Freedom Investment Management Inc. now owns 15,344 shares of the oil and gas producer's stock worth $547,000 after acquiring an additional 302 shares during the period. Finally, Sagespring Wealth Partners LLC increased its stake in shares of Suncor Energy by 5.8% during the first quarter. Sagespring Wealth Partners LLC now owns 6,065 shares of the oil and gas producer's stock worth $235,000 after acquiring an additional 332 shares during the period. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Suncor Energy from a "buy" rating to a "hold" rating in a research note on Thursday, April 17th. Scotiabank upgraded shares of Suncor Energy to a "hold" rating in a research note on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Suncor Energy has a consensus rating of "Moderate Buy" and a consensus price target of $64.67.

Suncor Energy Price Performance

SU stock traded up $0.69 during trading on Friday, reaching $40.10. 4,081,316 shares of the company were exchanged, compared to its average volume of 4,485,780. The company has a market cap of $49.03 billion, a P/E ratio of 11.56, a PEG ratio of 3.48 and a beta of 0.80. Suncor Energy Inc. has a 52-week low of $30.79 and a 52-week high of $41.95. The stock's 50 day moving average price is $37.27 and its 200 day moving average price is $37.15. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.39.

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 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.05. Suncor Energy had a net margin of 11.95% and a return on equity of 14.90%. The firm had revenue of $9.10 billion for the quarter, compared to the consensus estimate of $13.39 billion. During the same quarter in the previous year, the firm earned $1.41 earnings per share. As a group, analysts predict that Suncor Energy Inc. will post 3.42 earnings per share for the current fiscal year.

Suncor Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Wednesday, June 4th were issued a $0.4133 dividend. This represents a $1.65 annualized dividend and a dividend yield of 4.12%. The ex-dividend date of this dividend was Wednesday, June 4th. This is an increase from Suncor Energy's previous quarterly dividend of $0.40. Suncor Energy's dividend payout ratio is 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.