Van ECK Associates Corp Has $2.71 Million Position in Suncor Energy Inc. $SU

Key Points

• Van ECK Associates sharply reduced its Suncor Energy stake by 88.8% in the second quarter, selling 401,811 shares and retaining 50,556 shares worth approximately $2.71 million. Institutional investors collectively own 67.37% of Suncor.
• Suncor reported quarterly earnings of $2.33 per share, exceeding analyst expectations of $2.14, while revenue of $13.41 billion also surpassed forecasts. Analysts expect full-year earnings of $7.39 per share.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 3.5% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $80.25.

Van ECK Associates Corp cut its stake in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 88.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 50,556 shares of the oil and gas producer's stock after selling 401,811 shares during the period. Van ECK Associates Corp's holdings in Suncor Energy were worth $2,714,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Versant Capital Management Inc increased its stake in shares of Suncor Energy by 418.9% in the second quarter. Versant Capital Management Inc now owns 493 shares of the oil and gas producer's stock worth $26,000 after acquiring an additional 398 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Suncor Energy during the 2nd quarter valued at about $31,000. 1 North Wealth Services LLC acquired a new stake in shares of Suncor Energy during the 4th quarter valued at about $32,000. Accent Capital Management LLC increased its holdings in Suncor Energy by 37.5% in the fourth quarter. Accent Capital Management LLC now owns 825 shares of the oil and gas producer's stock worth $37,000 after buying an additional 225 shares during the last quarter. Finally, Summit Securities Group LLC bought a new position in Suncor Energy during the fourth quarter valued at approximately $44,000. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Suncor Energy Trading Down 0.1%

Suncor Energy stock opened at $68.32 on Friday. Suncor Energy Inc. has a 52 week low of $37.76 and a 52 week high of $70.29. 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 capitalization of $80.67 billion, a PE ratio of 12.58, a PEG ratio of 0.49 and a beta of 0.30. The business's 50-day simple moving average is $62.95 and its 200-day simple moving average is $62.47.

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

Suncor Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $2.40 annualized dividend and a yield of 3.5%. Suncor Energy's dividend payout ratio is 32.04%.

Wall Street Analyst Weigh In

Several research firms have commented on SU. Desjardins raised shares of Suncor Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Morgan Stanley set a $106.00 price objective on shares of Suncor Energy in a report on Wednesday, August 19th. Wall Street Zen lowered Suncor Energy from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. The Goldman Sachs Group cut Suncor Energy from a "buy" rating to a "neutral" rating and set a $72.00 price target for the company. in a research report on Friday, June 5th. Finally, Zacks Research lowered Suncor Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $80.25.

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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