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

Key Points

• Short interest in Suncor plunged by 67.2% in March to about 6.13 million shares (roughly 0.5% of the stock), leaving a short-interest ratio of 0.9 days based on average volume.
• Suncor declared a quarterly dividend of $0.60 ($2.40 annualized) with a yield of 3.8% and a payout ratio of about 50.7% (ex-dividend March 4, payable March 25).
• Analysts have grown more positive with several price-target increases and upgrades, leaving Suncor with a consensus "Moderate Buy" rating and a mean target near $63.67.

Suncor Energy Inc. (NYSE:SU - Get Free Report) TSE: SU was the target of a significant decline in short interest during the month of March. As of March 13th, there was short interest totaling 6,133,106 shares, a decline of 67.2% from the February 26th total of 18,698,827 shares. Approximately 0.5% of the company's stock are sold short. Based on an average daily trading volume, of 6,875,258 shares, the short-interest ratio is presently 0.9 days. Based on an average daily trading volume, of 6,875,258 shares, the short-interest ratio is presently 0.9 days. Approximately 0.5% of the company's stock are sold short.

Hedge Funds Weigh In On Suncor Energy

Several hedge funds and other institutional investors have recently modified their holdings of SU. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of Suncor Energy by 54.9% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 635 shares of the oil and gas producer's stock worth $28,000 after buying an additional 225 shares during the last quarter. Richardson Financial Services Inc. increased its position in Suncor Energy by 64.1% during the third quarter. Richardson Financial Services Inc. now owns 704 shares of the oil and gas producer's stock valued at $29,000 after acquiring an additional 275 shares during the last quarter. 1 North Wealth Services LLC bought a new position in Suncor Energy in the fourth quarter valued at about $32,000. Hanson & Doremus Investment Management lifted its holdings in Suncor Energy by 143.5% in the third quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer's stock valued at $33,000 after acquiring an additional 465 shares during the period. Finally, Smartleaf Asset Management LLC boosted its position in Suncor Energy by 95.8% in the third quarter. Smartleaf Asset Management LLC now owns 793 shares of the oil and gas producer's stock worth $33,000 after purchasing an additional 388 shares during the last quarter. 67.37% of the stock is owned by institutional investors.

Suncor Energy Stock Performance

SU traded down $0.56 during midday trading on Wednesday, hitting $63.55. 328,749 shares of the company traded hands, compared to its average volume of 5,543,657. The company's 50-day moving average is $55.60 and its 200 day moving average is $47.18. The company has a quick ratio of 0.89, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $75.62 billion, a PE ratio of 18.28 and a beta of 0.43. Suncor Energy has a 52 week low of $30.79 and a 52 week high of $65.33.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last announced its quarterly earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.02. Suncor Energy had a net margin of 11.99% and a return on equity of 12.51%. The firm had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.79 billion. During the same period in the previous year, the business posted $1.25 earnings per share. On average, research analysts expect that Suncor Energy will post 3.42 EPS for the current year.

Suncor Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 4th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Wednesday, March 4th. Suncor Energy's payout ratio is 50.72%.

Analysts Set New Price Targets

A number of research firms have recently commented on SU. Royal Bank Of Canada increased their price target on shares of Suncor Energy from $69.00 to $75.00 and gave the company an "outperform" rating in a report on Thursday, February 5th. The Goldman Sachs Group boosted their price objective on shares of Suncor Energy from $55.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, March 12th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Suncor Energy in a research report on Monday, December 29th. Wall Street Zen downgraded Suncor Energy from a "buy" rating to a "hold" rating in a research note on Sunday, December 28th. Finally, JPMorgan Chase & Co. raised Suncor Energy from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $46.15 to $54.00 in a report on Tuesday, January 20th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Suncor Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.67.

Suncor Energy Company Profile

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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