Suncor Energy Inc. $SU Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Suncor Energy stake by 95.5% in the second quarter, selling 584,268 shares and retaining 27,448 shares valued at approximately $1.48 million.
• Suncor reported quarterly EPS of $2.33, beating estimates of $2.14, while revenue reached $13.41 billion versus the $11.68 billion consensus forecast.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $71.67. Suncor also declared a quarterly dividend of $0.60 per share, representing a 3.6% annualized yield.

Assenagon Asset Management S.A. lowered its stake in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 95.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 27,448 shares of the oil and gas producer's stock after selling 584,268 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Suncor Energy were worth $1,476,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Versant Capital Management Inc grew its holdings in shares of Suncor Energy by 418.9% during the second quarter. Versant Capital Management Inc now owns 493 shares of the oil and gas producer's stock worth $26,000 after buying an additional 398 shares in the last quarter. Atlantic Edge Private Wealth Management LLC boosted its holdings in shares of Suncor Energy by 54.9% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 635 shares of the oil and gas producer's stock worth $28,000 after purchasing an additional 225 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Suncor Energy in the second quarter valued at approximately $31,000. 1 North Wealth Services LLC acquired a new stake in shares of Suncor Energy in the fourth quarter valued at approximately $32,000. Finally, Accent Capital Management LLC increased its holdings in shares of Suncor Energy by 37.5% in the fourth quarter. Accent Capital Management LLC now owns 825 shares of the oil and gas producer's stock valued at $37,000 after purchasing an additional 225 shares during the last quarter. 67.37% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on SU. Desjardins raised Suncor Energy to a "moderate buy" rating in a research note on Thursday, July 16th. The Goldman Sachs Group cut shares of Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 price objective for the company. in a research report on Friday, June 5th. Wall Street Zen downgraded shares of Suncor Energy from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Zacks Research lowered shares of Suncor Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. Finally, Scotiabank raised shares of Suncor Energy to a "strong-buy" rating in a research report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Suncor Energy currently has a consensus rating of "Moderate Buy" and an average price target of $71.67.

Suncor Energy Price Performance

Suncor Energy stock opened at $65.85 on Friday. The company has a current ratio of 1.65, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19. The company has a fifty day simple moving average of $60.44 and a 200-day simple moving average of $61.08. The stock has a market cap of $77.75 billion, a P/E ratio of 12.13, a price-to-earnings-growth ratio of 0.49 and a beta of 0.30. Suncor Energy Inc. has a 12-month low of $37.76 and a 12-month high of $70.29.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last posted its earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 EPS for the quarter, beating the consensus estimate of $2.14 by $0.19. The firm had revenue of $13.41 billion for the quarter, compared to analyst estimates of $11.68 billion. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%.During the same quarter in the prior year, the company posted $0.71 earnings per share. Equities analysts expect that Suncor Energy Inc. will post 7.13 EPS for the current fiscal year.

Suncor Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, September 4th. This represents a $2.40 annualized dividend and a yield of 3.6%. Suncor Energy's payout ratio is presently 32.04%.

Suncor Energy 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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