Suncor Energy Inc. $SU Stock Sold by Louisbourg Investments Inc.

Key Points

• Louisbourg Investments cut its Suncor Energy position by 9% in the third quarter, selling 21,476 shares and retaining 216,617 shares valued at approximately $14.7 million.
• Institutional investors own 67.37% of Suncor, while analysts maintain a consensus “Buy” rating with an average price target of $79.62; several firms recently upgraded the stock to “Strong Buy.”
• Suncor reported quarterly earnings of $2.33 per share, beating estimates, and pays a quarterly dividend of C$0.60 per share, representing an annualized yield of about 3.1%.

Louisbourg Investments Inc. lowered its position in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 9.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 216,617 shares of the oil and gas producer's stock after selling 21,476 shares during the period. Suncor Energy accounts for 2.5% of Louisbourg Investments Inc.'s portfolio, making the stock its 7th largest holding. Louisbourg Investments Inc.'s holdings in Suncor Energy were worth $14,733,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC lifted its stake in Suncor Energy by 1.6% in the third quarter. Valeo Financial Advisors LLC now owns 10,239 shares of the oil and gas producer's stock valued at $695,000 after acquiring an additional 166 shares during the last quarter. Formidable Asset Management LLC grew its position in Suncor Energy by 1.1% in the first quarter. Formidable Asset Management LLC now owns 16,004 shares of the oil and gas producer's stock worth $1,058,000 after acquiring an additional 171 shares in the last quarter. Mitchell & Pahl Private Wealth LLC grew its position in Suncor Energy by 0.8% in the first quarter. Mitchell & Pahl Private Wealth LLC now owns 24,278 shares of the oil and gas producer's stock worth $1,605,000 after acquiring an additional 190 shares in the last quarter. Sage Investment Counsel LLC grew its position in Suncor Energy by 2.4% in the first quarter. Sage Investment Counsel LLC now owns 8,600 shares of the oil and gas producer's stock worth $569,000 after acquiring an additional 200 shares in the last quarter. Finally, HB Wealth Management LLC increased its stake in shares of Suncor Energy by 1.1% during the 2nd quarter. HB Wealth Management LLC now owns 18,316 shares of the oil and gas producer's stock worth $983,000 after purchasing an additional 203 shares during the last quarter. Institutional investors own 67.37% of the company's stock.

Analyst Ratings Changes

SU has been the topic of a number of recent research reports. Morgan Stanley set a $106.00 price target on shares of Suncor Energy in a report on Wednesday, August 19th. Scotiabank raised shares of Suncor Energy to a "strong-buy" rating in a research note on Friday, June 26th. Wall Street Zen raised shares of Suncor Energy from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Zacks Research upgraded shares of Suncor Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. 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, seven have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Suncor Energy presently has a consensus rating of "Buy" and an average price target of $79.62.

Suncor Energy Stock Performance

Shares of NYSE SU opened at $78.31 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.65. The firm has a market cap of $91.59 billion, a price-to-earnings ratio of 14.42, a P/E/G ratio of 0.52 and a beta of 0.36. The business's 50-day simple moving average is $69.19 and its 200-day simple moving average is $64.95. Suncor Energy Inc. has a 52 week low of $37.76 and a 52 week high of $79.75.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly earnings data on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, beating analysts' consensus estimates of $2.14 by $0.19. Suncor Energy had a return on equity of 20.05% and a net margin of 15.62%. The business had revenue of $13.41 billion for the quarter, compared to the consensus estimate of $11.68 billion. During the same period last year, the business earned $0.71 EPS. As a group, equities research analysts expect that Suncor Energy Inc. will post 8.12 earnings per share for the current fiscal year.

Suncor Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were given a dividend of C$0.60 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $2.40 dividend on an annualized basis and a yield of 3.1%. Suncor Energy's dividend payout ratio is presently 31.86%.

Suncor Energy Company Profile

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations span the energy value chain, including the development, production, upgrading, refining, and marketing of crude oil and petroleum products.

The company is one of Canada's major oil sands producers, with interests in mining and in situ oil sands projects. Suncor produces bitumen and synthetic crude oil and also has conventional oil and offshore production interests. Its upstream portfolio includes operated and non-operated assets in Canada.

Through its downstream operations, Suncor refines crude oil into gasoline, diesel, jet fuel, asphalt, and other petroleum products.

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