Mackenzie Financial Corp Cuts Holdings in Suncor Energy Inc. $SU

Key Points

• Mackenzie Financial Corp trimmed its position in Suncor Energy by 17.1% in Q3, selling 2,443,973 shares and now holds 11,880,317 shares (~0.98% of the company) worth about $497.1 million.
• Suncor's fundamentals: market cap roughly $68.1 billion, P/E of 16.49, and it announced a quarterly dividend of $0.60 per share (annualized $2.40, ~4.2% yield) with an ex-dividend date of March 4; analysts' consensus is a "Moderate Buy" with an average target of $61.00.
• Other institutional activity includes Fisher Asset Management boosting its stake by 85.5% (adding 7,158,953 shares), and overall hedge funds/institutions own about 67.37% of Suncor's stock.

Mackenzie Financial Corp trimmed its position in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 17.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 11,880,317 shares of the oil and gas producer's stock after selling 2,443,973 shares during the period. Mackenzie Financial Corp owned about 0.98% of Suncor Energy worth $497,062,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Suncor Energy by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 54,631,516 shares of the oil and gas producer's stock worth $2,046,442,000 after buying an additional 1,632,247 shares during the last quarter. Artisan Partners Limited Partnership increased its position in shares of Suncor Energy by 0.4% during the third quarter. Artisan Partners Limited Partnership now owns 33,868,775 shares of the oil and gas producer's stock valued at $1,417,029,000 after acquiring an additional 145,800 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Suncor Energy by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 20,911,602 shares of the oil and gas producer's stock valued at $779,788,000 after acquiring an additional 641,354 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Suncor Energy by 0.6% during the third quarter. Principal Financial Group Inc. now owns 18,854,921 shares of the oil and gas producer's stock worth $789,213,000 after acquiring an additional 106,765 shares during the period. Finally, Fisher Asset Management LLC boosted its position in Suncor Energy by 85.5% in the third quarter. Fisher Asset Management LLC now owns 15,530,965 shares of the oil and gas producer's stock worth $649,350,000 after purchasing an additional 7,158,953 shares during the last quarter. Hedge funds and other institutional investors own 67.37% of the company's stock.

Suncor Energy Price Performance

Suncor Energy stock opened at $57.23 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 0.89. The firm has a market capitalization of $68.10 billion, a P/E ratio of 16.49 and a beta of 0.43. Suncor Energy Inc. has a one year low of $30.79 and a one year high of $58.63. The business has a fifty day moving average price of $52.42 and a 200-day moving average price of $45.72.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly earnings data on Tuesday, February 3rd. The oil and gas producer reported $0.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.02. Suncor Energy had a return on equity of 12.51% and a net margin of 11.99%.The company had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.79 billion. During the same quarter last year, the business posted $1.25 earnings per share. As a group, equities research analysts forecast that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 4th will be given a dividend of $0.60 per share. The ex-dividend date is Wednesday, March 4th. This represents a $2.40 annualized dividend and a dividend yield of 4.2%. Suncor Energy's dividend payout ratio (DPR) is 50.72%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SU. JPMorgan Chase & Co. upgraded Suncor Energy from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $46.15 to $54.00 in a research note on Tuesday, January 20th. Wall Street Zen downgraded shares of Suncor Energy from a "buy" rating to a "hold" rating in a report on Sunday, December 28th. Royal Bank Of Canada increased their price target on shares of Suncor Energy from $69.00 to $75.00 and gave the company an "outperform" rating in a research report on Thursday, February 5th. The Goldman Sachs Group raised their price objective on shares of Suncor Energy from $48.00 to $54.00 and gave the stock a "buy" rating in a report on Friday, January 23rd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Suncor Energy in a research report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $61.00.

Suncor Energy Company Profile

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company's operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.

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