Suncor Energy Inc. (NYSE:SU) Position Lessened by PCJ Investment Counsel Ltd.

Key Points

• PCJ Investment Counsel Ltd. reduced its stake in Suncor Energy by 65.8% during the first quarter, now holding 64,000 shares valued at approximately $2.48 million.
• Suncor Energy has recently increased its quarterly dividend to $0.4135, representing a dividend yield of 4.2%.
• Wall Street Zen downgraded Suncor from a "buy" to a "hold" rating, indicating mixed sentiments among analysts, with a current average rating of "Moderate Buy".

PCJ Investment Counsel Ltd. trimmed its position in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 65.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,000 shares of the oil and gas producer's stock after selling 122,910 shares during the period. PCJ Investment Counsel Ltd.'s holdings in Suncor Energy were worth $2,478,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of SU. Principal Financial Group Inc. raised its holdings in Suncor Energy by 65.0% during the first quarter. Principal Financial Group Inc. now owns 16,018,129 shares of the oil and gas producer's stock valued at $620,136,000 after buying an additional 6,311,513 shares in the last quarter. Inscription Capital LLC bought a new position in Suncor Energy during the first quarter valued at about $247,000. Vident Advisory LLC raised its holdings in Suncor Energy by 967.9% during the fourth quarter. Vident Advisory LLC now owns 519,112 shares of the oil and gas producer's stock valued at $18,522,000 after buying an additional 470,500 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Suncor Energy by 13.3% during the first quarter. Bank of New York Mellon Corp now owns 3,492,472 shares of the oil and gas producer's stock valued at $135,228,000 after buying an additional 409,032 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Suncor Energy by 14.2% during the fourth quarter. Ameriprise Financial Inc. now owns 623,306 shares of the oil and gas producer's stock valued at $22,884,000 after buying an additional 77,556 shares in the last quarter. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered 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, three have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $66.00.

Suncor Energy Trading Down 0.5%

Suncor Energy stock opened at $39.03 on Friday. Suncor Energy Inc. has a 52 week low of $30.79 and a 52 week high of $41.94. The firm has a market capitalization of $47.54 billion, a PE ratio of 12.01, a PEG ratio of 3.45 and a beta of 0.84. The business's 50-day simple moving average is $38.76 and its 200-day simple moving average is $37.38. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.84 and a current ratio of 1.26.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last released its earnings results on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share 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 business had revenue of $8.81 billion for the quarter, compared to the consensus estimate of $11.56 billion. During the same period last year, the business earned $1.27 earnings per share. Equities research analysts forecast that Suncor Energy Inc. will post 3.42 earnings per share for the current year.

Suncor Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 4th will be issued a $0.4135 dividend. This represents a $1.65 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Thursday, September 4th. This is an increase from Suncor Energy's previous quarterly dividend of $0.41. Suncor Energy's dividend payout ratio (DPR) is presently 51.08%.

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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