Suncor Energy Inc. $SU Shares Sold by Beverly Hills Private Wealth LLC

Key Points

• Beverly Hills Private Wealth LLC reduced its Suncor Energy stake by 38.3% in the third quarter, selling 22,121 shares and ending the period with 35,651 shares valued at about $2.42 million. Institutional investors and hedge funds collectively own 67.37% of the company.
• Suncor beat quarterly earnings and revenue expectations, reporting $2.84 earnings per share versus a $2.35 consensus and $13.26 billion in revenue versus $11.85 billion expected.
• The company raised its quarterly dividend to C$0.66 per share from C$0.60. Analysts’ average rating is Buy, with a consensus price target of $81.71.

Beverly Hills Private Wealth LLC cut its position in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 38.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,651 shares of the oil and gas producer's stock after selling 22,121 shares during the quarter. Beverly Hills Private Wealth LLC's holdings in Suncor Energy were worth $2,420,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SU. HighTower Advisors LLC boosted its holdings in shares of Suncor Energy by 255.0% in the 2nd quarter. HighTower Advisors LLC now owns 78,316 shares of the oil and gas producer's stock valued at $4,204,000 after buying an additional 56,254 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Suncor Energy by 3.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,609,777 shares of the oil and gas producer's stock valued at $833,622,000 after buying an additional 411,243 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Suncor Energy by 6.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 846,111 shares of the oil and gas producer's stock valued at $55,802,000 after buying an additional 50,502 shares during the last quarter. TD Waterhouse Canada Inc. grew its position in shares of Suncor Energy by 2.1% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 11,657,514 shares of the oil and gas producer's stock valued at $625,497,000 after buying an additional 239,208 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in Suncor Energy during the second quarter worth about $351,892,000. Institutional investors and hedge funds own 67.37% of the company's stock.

Analyst Upgrades and Downgrades

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

Suncor Energy Stock Performance

Shares of SU opened at $68.74 on Monday. The firm has a fifty day moving average of $71.61 and a 200-day moving average of $63.85. The company has a market cap of $79.64 billion, a price-to-earnings ratio of 10.11, a price-to-earnings-growth ratio of 0.23 and a beta of 0.22. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.27 and a current ratio of 1.71. Suncor Energy Inc. has a 1 year low of $42.03 and a 1 year high of $80.25.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last released its quarterly earnings data on Tuesday, November 3rd. The oil and gas producer reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates of $2.35 by $0.49. The business had revenue of $13.26 billion for the quarter, compared to analysts' expectations of $11.85 billion. Suncor Energy had a net margin of 17.49% and a return on equity of 25.55%. During the same quarter last year, the company earned $1.48 EPS. As a group, equities analysts anticipate that Suncor Energy Inc. will post 8.78 earnings per share for the current year.

Suncor Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 24th. Shareholders of record on Thursday, December 3rd will be given a C$0.66 dividend. This is a positive change from Suncor Energy's previous quarterly dividend of C$0.60. The ex-dividend date is Thursday, December 3rd. This represents a $2.64 annualized dividend and a yield of 3.8%. Suncor Energy's payout ratio is currently 25.44%.

About Suncor Energy

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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