Suncor Energy Inc. $SU Position Trimmed by Beutel Goodman & Co Ltd.

Key Points

• Beutel Goodman cut its Suncor Energy stake by 8.1% in the third quarter, selling 402,440 shares; it retained 4.55 million shares valued at about $309 million.
• Suncor reported quarterly EPS of $2.84, beating the $2.35 consensus, and revenue of $13.26 billion versus $11.85 billion expected. The company also raised its quarterly dividend from C$0.60 to C$0.66 per share.
• Analysts’ consensus rating is Buy, with an average price target of $81.71; shares were trading at $67.41 in the article.

Beutel Goodman & Co Ltd. lessened its position in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 8.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,545,404 shares of the oil and gas producer's stock after selling 402,440 shares during the period. Suncor Energy makes up 2.4% of Beutel Goodman & Co Ltd.'s portfolio, making the stock its 10th biggest position. Beutel Goodman & Co Ltd. owned about 0.39% of Suncor Energy worth $308,949,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Livelsberger Financial Advisory acquired a new position in shares of Suncor Energy in the 3rd quarter valued at about $25,000. Versant Capital Management Inc grew its holdings in shares of Suncor Energy by 418.9% during the 2nd quarter. Versant Capital Management Inc now owns 493 shares of the oil and gas producer's stock worth $26,000 after purchasing an additional 398 shares during the period. Continuum Advisory LLC purchased a new stake in shares of Suncor Energy during the 2nd quarter worth about $27,000. Sawyer & Company Inc purchased a new stake in shares of Suncor Energy during the 3rd quarter worth about $44,000. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in Suncor Energy during the 1st quarter worth approximately $53,000. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Suncor Energy Trading Down 1.9%

NYSE:SU opened at $67.41 on Tuesday. The business's 50-day moving average is $71.64 and its two-hundred day moving average is $63.93. The firm has a market capitalization of $78.84 billion, a PE ratio of 9.77, a price-to-earnings-growth ratio of 0.25 and a beta of 0.22. Suncor Energy Inc. has a 12 month low of $42.09 and a 12 month high of $80.25. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.65 and a quick ratio of 1.08.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its earnings results on Tuesday, November 3rd. The oil and gas producer reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.49. Suncor Energy had a return on equity of 25.94% and a net margin of 17.49%. The company had revenue of $13.26 billion during the quarter, compared to the consensus estimate of $11.85 billion. During the same quarter in the prior year, the business earned $1.48 earnings per share. Research analysts predict that Suncor Energy Inc. will post 8.78 earnings per share for the current fiscal year.

Suncor Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Thursday, December 3rd will be given a dividend of C$0.66 per share. This is a boost from Suncor Energy's previous quarterly dividend of C$0.60. The ex-dividend date of this dividend is Thursday, December 3rd. This represents a $2.64 annualized dividend and a yield of 3.9%. Suncor Energy's dividend payout ratio is presently 25.44%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SU shares. Desjardins upgraded shares of Suncor Energy to a "moderate buy" rating in a report on Thursday, July 16th. Wall Street Zen raised shares of Suncor Energy from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 17th. Zacks Research upgraded shares of Suncor Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 5th. Morgan Stanley set a $106.00 price objective on shares of Suncor Energy in a research note on Wednesday, August 19th. Finally, Weiss Ratings raised shares of Suncor Energy from a "buy (b)" rating to a "buy (a-)" rating in a research report on Thursday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $81.71.

Suncor Energy Profile

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta. Its operations span the energy value chain, from producing and processing crude oil to refining, marketing and distributing fuel products.

The company's upstream business includes oil sands development and upgrading in Alberta, as well as conventional and offshore oil and gas production. Its refining and marketing operations serve customers in Canada and the United States, selling products such as gasoline, diesel and jet fuel under brands including Petro-Canada.

Suncor traces its roots to Great Canadian Oil Sands, which began commercial oil sands production in Alberta in 1967.

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