Suncor Energy Inc. $SU Shares Sold by Lyrical Asset Management LP

Key Points

• Lyrical Asset Management LP has decreased its stake in Suncor Energy by 2.2%, now holding about 5.2 million shares valued at approximately $201.83 million.
• Suncor Energy recently increased its quarterly dividend to $0.4135 per share, representing a yearly yield of 4.2%.
• Wall Street Zen downgraded Suncor Energy from a "buy" to a "hold" rating, resulting in a consensus target price of $66.00 among analysts.

Lyrical Asset Management LP trimmed its holdings in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 2.2% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 5,212,452 shares of the oil and gas producer's stock after selling 115,586 shares during the quarter. Suncor Energy accounts for about 3.1% of Lyrical Asset Management LP's holdings, making the stock its 16th biggest holding. Lyrical Asset Management LP owned approximately 0.42% of Suncor Energy worth $201,826,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its position 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 buying an additional 6,311,513 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Suncor Energy by 83.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,426,008 shares of the oil and gas producer's stock worth $481,135,000 after purchasing an additional 5,658,880 shares during the period. Nuveen LLC purchased a new stake in Suncor Energy in the 1st quarter worth approximately $126,048,000. Mackenzie Financial Corp increased its holdings in Suncor Energy by 18.6% in the 1st quarter. Mackenzie Financial Corp now owns 15,377,546 shares of the oil and gas producer's stock worth $595,398,000 after acquiring an additional 2,410,857 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in Suncor Energy by 500.4% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,453,314 shares of the oil and gas producer's stock worth $87,459,000 after acquiring an additional 2,044,680 shares in the last quarter. 67.37% of the stock is owned by hedge funds and other institutional investors.

Suncor Energy Price Performance

SU traded down $0.1370 during trading on Tuesday, reaching $38.4430. 674,693 shares of the company traded hands, compared to its average volume of 4,657,628. The firm has a fifty day simple moving average of $39.09 and a 200 day simple moving average of $37.36. Suncor Energy Inc. has a 12-month low of $30.79 and a 12-month high of $41.94. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.26. The company has a market cap of $46.82 billion, a P/E ratio of 11.83, a PEG ratio of 3.35 and a beta of 0.84.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.01. Suncor Energy had a return on equity of 13.21% and a net margin of 11.35%.The company had revenue of $8.81 billion during the quarter, compared to the consensus estimate of $11.56 billion. During the same period last year, the company earned $1.27 earnings per share. On average, equities analysts forecast that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th will be paid a $0.4135 dividend. This represents a $1.65 annualized dividend and a yield of 4.3%. This is a boost from Suncor Energy's previous quarterly dividend of $0.41. The ex-dividend date is Thursday, September 4th. Suncor Energy's payout ratio is presently 50.46%.

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.