TD Asset Management Inc Has $1.04 Billion Stock Holdings in Suncor Energy Inc. (NYSE:SU)

Key Points

• TD Asset Management Inc reduced its stake in Suncor Energy by 2.7% during Q1, now holding approximately 26.8 million shares valued at over $1 billion.
• Suncor Energy reported Q1 earnings of $0.91 per share, exceeding analysts' expectations of $0.86, with revenue significantly lower than anticipated at $9.10 billion.
• The company has announced an increase in its quarterly dividend to $0.4133, providing a 4.20% dividend yield with a payout ratio of 47.84%.

TD Asset Management Inc decreased its position in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 2.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 26,791,678 shares of the oil and gas producer's stock after selling 733,753 shares during the period. Suncor Energy comprises approximately 1.0% of TD Asset Management Inc's portfolio, making the stock its 22nd biggest holding. TD Asset Management Inc owned 2.17% of Suncor Energy worth $1,037,229,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Nikko Asset Management Americas Inc. lifted its position in Suncor Energy by 1.8% during the first quarter. Nikko Asset Management Americas Inc. now owns 35,885 shares of the oil and gas producer's stock worth $1,389,000 after buying an additional 646 shares during the period. Mediolanum International Funds Ltd raised its holdings in shares of Suncor Energy by 11.4% in the 1st quarter. Mediolanum International Funds Ltd now owns 308,558 shares of the oil and gas producer's stock worth $11,864,000 after purchasing an additional 31,521 shares during the period. AE Wealth Management LLC purchased a new position in shares of Suncor Energy in the 1st quarter worth about $215,000. Winthrop Capital Management LLC grew its stake in shares of Suncor Energy by 2.6% in the first quarter. Winthrop Capital Management LLC now owns 13,654 shares of the oil and gas producer's stock valued at $529,000 after buying an additional 352 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Suncor Energy in the first quarter valued at about $3,079,000. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Suncor Energy Stock Performance

Shares of NYSE SU traded down $0.25 during mid-day trading on Wednesday, hitting $39.83. The company had a trading volume of 920,025 shares, compared to its average volume of 4,808,532. The stock has a market cap of $48.69 billion, a price-to-earnings ratio of 11.47, a PEG ratio of 3.52 and a beta of 0.80. Suncor Energy Inc. has a 12 month low of $30.79 and a 12 month high of $41.94. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.39 and a quick ratio of 0.84. The firm's 50 day simple moving average is $38.25 and its two-hundred day simple moving average is $37.37.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last announced its earnings results on Tuesday, May 6th. The oil and gas producer reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.05. Suncor Energy had a return on equity of 14.90% and a net margin of 11.95%. The firm had revenue of $9.10 billion for the quarter, compared to the consensus estimate of $13.39 billion. During the same quarter in the previous year, the business earned $1.41 EPS. As a group, equities research analysts forecast that Suncor Energy Inc. will post 3.42 earnings per share for the current year.

Suncor Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Investors of record on Wednesday, June 4th were issued a $0.4133 dividend. This represents a $1.65 dividend on an annualized basis and a dividend yield of 4.15%. This is a boost from Suncor Energy's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, June 4th. Suncor Energy's payout ratio is presently 47.84%.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Suncor Energy from a "buy" rating to a "hold" rating in a research note on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $66.00.

Suncor Energy Profile

Suncor Energy Inc operates as an integrated energy company in Canada, the United States, and internationally. It operates through Oil Sands; Exploration and Production; and Refining and Marketing segments. The Oil Sands segment explores, develops, and produces bitumen, synthetic crude oil, and related products.