Suncor Energy Inc. $SU Stock Position Reduced by Arcadia Investment Management Corp MI

Key Points

• Arcadia Investment Management reduced its Suncor Energy stake by 6.9% in the fourth quarter, selling 17,109 shares and leaving it with 229,438 shares valued at about $10.18 million.
• Analyst sentiment on Suncor remains positive, with several firms raising price targets and the stock holding a Buy consensus rating and average target price of $72.00.
• Suncor reported quarterly EPS of $1.41, slightly below estimates, but revenue topped expectations at $10.41 billion; the company also announced a $0.60 quarterly dividend payable June 25, implying a 3.9% yield.

Arcadia Investment Management Corp MI cut its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 6.9% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 229,438 shares of the oil and gas producer's stock after selling 17,109 shares during the period. Suncor Energy comprises approximately 1.7% of Arcadia Investment Management Corp MI's holdings, making the stock its 20th largest position. Arcadia Investment Management Corp MI's holdings in Suncor Energy were worth $10,178,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SU. Fisher Asset Management LLC lifted its stake in Suncor Energy by 85.5% in the third quarter. Fisher Asset Management LLC now owns 15,530,965 shares of the oil and gas producer's stock valued at $649,350,000 after acquiring an additional 7,158,953 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Suncor Energy by 62.2% in the third quarter. Arrowstreet Capital Limited Partnership now owns 13,335,239 shares of the oil and gas producer's stock valued at $557,682,000 after acquiring an additional 5,113,280 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in Suncor Energy by 334.8% in the third quarter. Alyeska Investment Group L.P. now owns 2,590,863 shares of the oil and gas producer's stock valued at $108,324,000 after acquiring an additional 1,995,007 shares during the last quarter. Bank of Nova Scotia lifted its stake in Suncor Energy by 63.5% in the third quarter. Bank of Nova Scotia now owns 5,028,399 shares of the oil and gas producer's stock valued at $210,474,000 after acquiring an additional 1,952,444 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its stake in Suncor Energy by 173.2% in the third quarter. Lazard Asset Management LLC now owns 3,036,031 shares of the oil and gas producer's stock valued at $126,994,000 after acquiring an additional 1,924,923 shares during the last quarter. 67.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SU shares. Royal Bank Of Canada lifted their target price on shares of Suncor Energy from $75.00 to $89.00 and gave the company an "outperform" rating in a research note on Wednesday, April 1st. The Goldman Sachs Group lifted their target price on shares of Suncor Energy from $66.00 to $73.00 and gave the company a "buy" rating in a research note on Wednesday, April 1st. Wall Street Zen upgraded shares of Suncor Energy from a "buy" rating to a "strong-buy" rating in a research note on Saturday. ATB Cormark Capital Markets upgraded shares of Suncor Energy from a "hold" rating to a "moderate buy" rating in a research note on Wednesday, April 1st. Finally, Weiss Ratings upgraded shares of Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $72.00.

Suncor Energy Price Performance

NYSE:SU opened at $62.34 on Monday. The stock has a market cap of $73.60 billion, a P/E ratio of 16.36 and a beta of 0.27. Suncor Energy Inc. has a one year low of $35.29 and a one year high of $70.29. The company has a fifty day moving average price of $65.25 and a 200 day moving average price of $55.12. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.92.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last released its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.41 EPS for the quarter, missing the consensus estimate of $1.45 by ($0.04). The company had revenue of $10.41 billion for the quarter, compared to analyst estimates of $9.22 billion. Suncor Energy had a net margin of 12.29% and a return on equity of 13.96%. During the same quarter in the previous year, the company earned $1.31 earnings per share. Analysts anticipate that Suncor Energy Inc. will post 7.07 earnings per share for the current year.

Suncor Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 4th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Thursday, June 4th. Suncor Energy's payout ratio is 46.19%.

About Suncor Energy

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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