Suncor Energy Inc. $SU Shares Sold by Holocene Advisors LP

Key Points

• Holocene Advisors LP cut its stake in Suncor Energy by 12.9% in Q3, selling 154,381 shares and leaving 1,046,747 shares (about $43.8M); overall institutional ownership is roughly 67.37% while several other funds increased their positions.
• Analysts have been raising targets recently (Goldman Sachs to $62, RBC to $75, JPMorgan to $54), leaving Suncor with an average target of $63.67 and a consensus rating of "Moderate Buy" (five Buys, three Holds).
• Suncor declared a quarterly dividend of $0.60 (annualized $2.40, yield ~4.0%, ex-dividend March 4), reported Q EPS of $0.79 beating estimates, and its shares are trading around $60.58 near the 52-week high.

Holocene Advisors LP lowered its position in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 12.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,046,747 shares of the oil and gas producer's stock after selling 154,381 shares during the quarter. Holocene Advisors LP owned approximately 0.09% of Suncor Energy worth $43,764,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. CWA Asset Management Group LLC grew its position in Suncor Energy by 64.9% during the 3rd quarter. CWA Asset Management Group LLC now owns 117,779 shares of the oil and gas producer's stock worth $4,924,000 after purchasing an additional 46,342 shares during the last quarter. Principal Financial Group Inc. increased its stake in Suncor Energy by 0.6% in the third quarter. Principal Financial Group Inc. now owns 18,854,921 shares of the oil and gas producer's stock valued at $789,213,000 after purchasing an additional 106,765 shares during the period. Picton Mahoney Asset Management raised its holdings in shares of Suncor Energy by 314.8% in the third quarter. Picton Mahoney Asset Management now owns 627,313 shares of the oil and gas producer's stock valued at $26,246,000 after buying an additional 476,077 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Suncor Energy by 45.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 723,965 shares of the oil and gas producer's stock valued at $29,871,000 after buying an additional 227,197 shares during the last quarter. Finally, SCP Investment LP acquired a new stake in shares of Suncor Energy during the third quarter worth about $1,915,000. 67.37% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on SU. The Goldman Sachs Group raised their price target on Suncor Energy from $55.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, March 12th. Zacks Research downgraded Suncor Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 20th. JPMorgan Chase & Co. upgraded Suncor Energy from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $46.15 to $54.00 in a research note on Tuesday, January 20th. Royal Bank Of Canada boosted their target price on Suncor Energy from $69.00 to $75.00 and gave the company an "outperform" rating in a report on Thursday, February 5th. Finally, Wall Street Zen cut Suncor Energy from a "buy" rating to a "hold" rating in a research note on Sunday, December 28th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $63.67.

Suncor Energy Trading Up 1.7%

Shares of Suncor Energy stock opened at $60.58 on Tuesday. The firm has a market cap of $72.08 billion, a price-to-earnings ratio of 17.46 and a beta of 0.42. Suncor Energy Inc. has a 52-week low of $30.79 and a 52-week high of $60.67. The company's 50-day simple moving average is $53.60 and its 200-day simple moving average is $46.25. The company has a quick ratio of 0.89, a current ratio of 1.39 and a debt-to-equity ratio of 0.20.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last announced its quarterly earnings data on Tuesday, February 3rd. The oil and gas producer reported $0.79 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.02. Suncor Energy had a net margin of 11.99% and a return on equity of 12.51%. The firm had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.79 billion. During the same quarter last year, the firm earned $1.25 earnings per share. As a group, equities research analysts anticipate that Suncor Energy Inc. will post 3.42 earnings per share for the current year.

Suncor Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 4th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Wednesday, March 4th. Suncor Energy's dividend payout ratio (DPR) is currently 50.72%.

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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