Ninepoint Partners LP Reduces Stock Position in Suncor Energy Inc. (NYSE:SU)

Ninepoint Partners LP trimmed its holdings in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 95.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 76,695 shares of the oil and gas producer's stock after selling 1,496,953 shares during the quarter. Suncor Energy makes up about 0.5% of Ninepoint Partners LP's portfolio, making the stock its 23rd biggest position. Ninepoint Partners LP's holdings in Suncor Energy were worth $2,970,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of SU. Hanson & Doremus Investment Management increased its holdings in Suncor Energy by 143.5% during the 1st quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 465 shares during the period. Salem Investment Counselors Inc. boosted its position in Suncor Energy by 97.6% during the 1st quarter. Salem Investment Counselors Inc. now owns 820 shares of the oil and gas producer's stock valued at $32,000 after acquiring an additional 405 shares in the last quarter. Covestor Ltd raised its holdings 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 worth $39,000 after purchasing an additional 256 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in Suncor Energy during the 1st quarter valued at approximately $42,000. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Suncor Energy in the first quarter worth $44,000. 67.37% of the stock is owned by institutional investors.

Suncor Energy Stock Performance

NYSE SU traded down $0.39 during mid-day trading on Friday, reaching $39.31. 2,698,794 shares of the stock were exchanged, compared to its average volume of 3,448,143. 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 Inc. has a 1 year low of $30.79 and a 1 year high of $41.94. The business's 50 day moving average is $38.06 and its 200-day moving average is $37.36. The company has a market capitalization of $48.07 billion, a P/E ratio of 11.33, a P/E/G ratio of 3.46 and a beta of 0.80.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.86 by $0.05. The company had revenue of $9.10 billion for the quarter, compared to the consensus estimate of $13.39 billion. Suncor Energy had a return on equity of 14.90% and a net margin of 11.95%. During the same quarter in the prior year, the business posted $1.41 earnings per share. On average, equities research analysts forecast that Suncor Energy Inc. will post 3.42 EPS for the current fiscal year.

Suncor Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Wednesday, June 4th were paid a $0.4133 dividend. The ex-dividend date was Wednesday, June 4th. This is a positive change from Suncor Energy's previous quarterly dividend of $0.40. This represents a $1.65 dividend on an annualized basis and a dividend yield of 4.20%. Suncor Energy's payout ratio is currently 47.84%.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Suncor Energy from a "buy" rating to a "hold" rating in a report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $66.00.

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.