Suncor Energy Inc. (NYSE:SU) Sees Significant Decrease in Short Interest

Key Points

• Short interest in Suncor Energy fell 35.8% to 13.3 million shares as of September 30, representing about 1.1% of shares outstanding and 3.6 days of average trading volume.
• Institutional investors own 67.37% of Suncor, with several funds increasing their positions during the third quarter.
• Suncor reported quarterly EPS of $2.33, exceeding estimates by $0.19, and maintains a quarterly dividend of C$0.60 per share, equivalent to a 3.2% yield. Analysts collectively rate the stock “Buy,” with an average price target of $79.62.

Suncor Energy Inc. (NYSE:SU - Get Free Report) TSE: SU was the target of a significant drop in short interest in September. As of September 30th, there was short interest totaling 13,306,044 shares, a drop of 35.8% from the September 15th total of 20,739,907 shares. Based on an average daily volume of 3,650,638 shares, the short-interest ratio is currently 3.6 days. Approximately 1.1% of the shares of the stock are sold short.

Hedge Funds Weigh In On Suncor Energy

Large investors have recently bought and sold shares of the stock. Triasima Portfolio Management inc. increased its stake in shares of Suncor Energy by 43.4% in the third quarter. Triasima Portfolio Management inc. now owns 58,466 shares of the oil and gas producer's stock worth $3,974,000 after buying an additional 17,681 shares during the period. Ninety One UK Ltd raised its holdings in Suncor Energy by 29.9% during the 3rd quarter. Ninety One UK Ltd now owns 851,994 shares of the oil and gas producer's stock valued at $57,910,000 after buying an additional 195,952 shares during the last quarter. Baker Ellis Asset Management LLC bought a new stake in Suncor Energy during the 3rd quarter valued at $204,000. Mitchell & Pahl Private Wealth LLC raised its holdings in Suncor Energy by 2.2% during the 3rd quarter. Mitchell & Pahl Private Wealth LLC now owns 25,223 shares of the oil and gas producer's stock valued at $1,712,000 after buying an additional 531 shares during the last quarter. Finally, Pacifica Partners Inc. boosted its position in Suncor Energy by 0.3% during the 3rd quarter. Pacifica Partners Inc. now owns 100,391 shares of the oil and gas producer's stock valued at $6,914,000 after buying an additional 315 shares during the period. 67.37% of the stock is owned by hedge funds and other institutional investors.

Suncor Energy Stock Down 0.3%

Shares of NYSE:SU opened at $75.67 on Friday. The stock's 50-day moving average price is $68.22 and its 200-day moving average price is $64.69. Suncor Energy has a 12-month low of $37.76 and a 12-month high of $76.73. The stock has a market capitalization of $88.50 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 0.50 and a beta of 0.36. The company has a current ratio of 1.65, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last released its quarterly earnings data 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 firm 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 quarter in the previous year, the business earned $0.71 earnings per share. On average, equities analysts anticipate that Suncor Energy will post 8.12 earnings per share for the current year.

Suncor Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were given a dividend of C$0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.2%. The ex-dividend date was Friday, September 4th. Suncor Energy's dividend payout ratio (DPR) is presently 31.86%.

Wall Street Analyst Weigh In

SU has been the subject of several research analyst reports. Scotiabank upgraded Suncor Energy to a "strong-buy" rating in a report on Friday, June 26th. Morgan Stanley set a $106.00 price objective on Suncor Energy in a research report on Wednesday, August 19th. Weiss Ratings raised Suncor Energy from a "buy (b)" rating to a "buy (a-)" rating in a report on Thursday, October 8th. Wall Street Zen cut Suncor Energy from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. Finally, Desjardins upgraded Suncor Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $79.62.

Suncor Energy Company Profile

Suncor Energy Inc is an integrated energy company headquartered in Calgary, Alberta. Its operations span the development and production of crude oil from Canada's oil sands, offshore petroleum production, refining, and the marketing and distribution of petroleum products.

The company produces synthetic crude oil, bitumen and conventional crude oil, which are processed through its refining operations into fuels and other refined products. Suncor markets fuel and convenience products through the Petro-Canada retail network and supplies commercial, wholesale and industrial customers.

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