SCP Investment LP Sells 13,000 Shares of Suncor Energy Inc. (NYSE:SU)

Key Points

• SCP Investment LP has reduced its stake in Suncor Energy Inc. by 52.4%, selling 13,000 shares to hold a total of 11,800 shares valued at $457,000 after the transaction.
• Suncor Energy recently declared a quarterly dividend of $0.4133 per share, increasing from its previous dividend of $0.40, which represents an annualized yield of 4.2%.
• Despite reporting earnings per share of $0.91 for the last quarter, beating analyst expectations, Suncor's revenue of $9.10 billion fell short of the anticipated $13.39 billion.

SCP Investment LP cut its stake in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 52.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,800 shares of the oil and gas producer's stock after selling 13,000 shares during the period. SCP Investment LP's holdings in Suncor Energy were worth $457,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Hanson & Doremus Investment Management grew 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 acquiring an additional 465 shares in the last quarter. Salem Investment Counselors Inc. grew its holdings 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 worth $32,000 after acquiring an additional 405 shares in the last quarter. N.E.W. Advisory Services LLC bought a new position in Suncor Energy during the 1st quarter worth about $36,000. Covestor Ltd grew its holdings in Suncor Energy by 30.5% during the 4th quarter. Covestor Ltd now owns 1,095 shares of the oil and gas producer's stock worth $39,000 after acquiring an additional 256 shares in the last quarter. Finally, Wayfinding Financial LLC bought a new position in Suncor Energy during the 1st quarter worth about $42,000. 67.37% of the stock is currently owned by institutional investors.

Suncor Energy Trading Down 1.0%

Shares of SU opened at $39.06 on Friday. Suncor Energy Inc. has a 52-week low of $30.79 and a 52-week high of $41.94. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.21. The firm's fifty day moving average is $38.49 and its two-hundred day moving average is $37.37. The stock has a market cap of $47.57 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 3.44 and a beta of 0.84.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last announced its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $0.91 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $13.39 billion. During the same quarter in the previous year, the company posted $1.41 EPS. Research analysts forecast 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 paid a dividend of $0.4133 per share. This represents a $1.65 dividend on an annualized basis and a yield of 4.2%. This is a boost from Suncor Energy's previous quarterly dividend of $0.40. The ex-dividend date was Wednesday, June 4th. Suncor Energy's payout ratio is currently 47.84%.

Wall Street Analysts Forecast Growth

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

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.

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