Tidal Investments LLC Sells 74,066 Shares of Suncor Energy Inc. $SU

Key Points

• Tidal Investments reduced its Suncor Energy stake by 14.5%, selling 74,066 shares in the second quarter while retaining 435,836 shares valued at approximately $23.4 million.
• Several major institutions established or expanded positions in Suncor, contributing to institutional ownership of 67.37% of the company’s stock.
• Suncor reported quarterly EPS of $2.33, beating estimates, and declared a quarterly dividend of $0.60 per share, representing a 3.5% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $80.25.

Tidal Investments LLC trimmed its position in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 14.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 435,836 shares of the oil and gas producer's stock after selling 74,066 shares during the period. Tidal Investments LLC's holdings in Suncor Energy were worth $23,431,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of SU. Connor Clark & Lunn Investment Management Ltd. bought a new position in Suncor Energy during the second quarter valued at approximately $816,551,000. The Manufacturers Life Insurance Company bought a new stake in shares of Suncor Energy in the 2nd quarter worth approximately $790,952,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Suncor Energy by 121.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 26,085,360 shares of the oil and gas producer's stock valued at $1,724,954,000 after purchasing an additional 14,304,131 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Suncor Energy in the 2nd quarter valued at $466,810,000. Finally, Bank of America Corp DE purchased a new stake in shares of Suncor Energy in the 2nd quarter valued at $351,892,000. Institutional investors own 67.37% of the company's stock.

Suncor Energy Stock Down 0.2%

Shares of NYSE SU opened at $68.89 on Friday. The firm's fifty day moving average is $64.36 and its 200 day moving average is $62.90. Suncor Energy Inc. has a 52 week low of $37.76 and a 52 week high of $70.29. The company has a quick ratio of 1.08, a current ratio of 1.65 and a debt-to-equity ratio of 0.19. The company has a market cap of $80.58 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 0.50 and a beta of 0.30.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last announced its quarterly earnings results on Tuesday, August 4th. The oil and gas producer reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.19. The business had revenue of $13.41 billion during the quarter, compared to analysts' expectations of $11.68 billion. Suncor Energy had a net margin of 15.62% and a return on equity of 20.05%. During the same quarter in the prior year, the company posted $0.71 EPS. On average, equities research analysts expect that Suncor Energy Inc. will post 7.39 earnings per share for the current year.

Suncor Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Friday, September 4th. Suncor Energy's dividend payout ratio is 31.86%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Desjardins upgraded shares of Suncor Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Morgan Stanley set a $106.00 price target on shares of Suncor Energy in a research report on Wednesday, August 19th. Wall Street Zen cut Suncor Energy from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Weiss Ratings upgraded Suncor Energy from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group lowered Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 target price for the company. in a research note on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $80.25.

Suncor Energy Profile

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta, Canada. Its operations include the development, production and upgrading of oil sands resources, conventional oil and natural gas production, and the refining and marketing of petroleum products.

Suncor produces crude oil, synthetic crude oil, refined fuels, lubricants and petrochemical feedstocks. Through its Petro-Canada brand, the company operates retail fuel stations and convenience stores across Canada, while its refining and marketing activities serve customers in Canada and the United States.

Founded in 1919, Suncor has evolved from an oil sands producer into one of Canada's largest integrated energy companies.

Want to see what other hedge funds are holding SU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.