Investors Purchase High Volume of Suncor Energy Put Options (NYSE:SU)

Key Points

• Suncor Energy experienced an unusual surge in options trading, with 28,315 put options purchased, marking a dramatic increase of 2,998% over typical volumes.
• The company recently announced a quarterly dividend increase to $0.4135 per share, and its dividend yield now stands at 4.3%.
• Suncor reported earnings of $0.51 per share, slightly exceeding analysts’ expectations, despite revenues falling short of estimates.

Suncor Energy Inc. (NYSE:SU - Get Free Report) TSE: SU saw some unusual options trading on Wednesday. Traders purchased 28,315 put options on the stock. Thisisanincreaseofapproximately2,998% compared to the average volume of 914 put options.

Suncor Energy Price Performance

Shares of NYSE SU traded down $0.24 during trading on Tuesday, hitting $40.14. The company had a trading volume of 3,681,081 shares, compared to its average volume of 3,589,932. The company has a market cap of $48.88 billion, a P/E ratio of 12.35, a PEG ratio of 3.48 and a beta of 0.84. Suncor Energy has a 52 week low of $30.79 and a 52 week high of $41.75. The business's 50-day moving average is $39.06 and its 200 day moving average is $37.42. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.26.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last posted its quarterly earnings results on Tuesday, August 5th. The oil and gas producer reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.01. The company had revenue of $8.81 billion for the quarter, compared to analysts' expectations of $11.56 billion. Suncor Energy had a return on equity of 13.21% and a net margin of 11.35%.During the same quarter in the prior year, the company earned $1.27 earnings per share. Equities research analysts predict that Suncor Energy will post 3.42 earnings per share for the current fiscal year.

Suncor Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 4th will be given a dividend of $0.4135 per share. This represents a $1.65 annualized dividend and a yield of 4.1%. The ex-dividend date is Thursday, September 4th. This is a positive change from Suncor Energy's previous quarterly dividend of $0.41. Suncor Energy's dividend payout ratio is presently 51.08%.

Hedge Funds Weigh In On Suncor Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FORA Capital LLC purchased a new position in Suncor Energy during the 2nd quarter worth approximately $950,000. Headlands Technologies LLC purchased a new position in Suncor Energy during the 2nd quarter worth approximately $31,000. Corient Private Wealth LLC grew its position in Suncor Energy by 82.5% during the 2nd quarter. Corient Private Wealth LLC now owns 1,461,949 shares of the oil and gas producer's stock worth $54,750,000 after purchasing an additional 660,914 shares in the last quarter. WealthCollab LLC grew its position in Suncor Energy by 38.5% during the 2nd quarter. WealthCollab LLC now owns 1,701 shares of the oil and gas producer's stock worth $64,000 after purchasing an additional 473 shares in the last quarter. Finally, Captrust Financial Advisors grew its position in Suncor Energy by 13.3% during the 2nd quarter. Captrust Financial Advisors now owns 43,200 shares of the oil and gas producer's stock worth $1,618,000 after purchasing an additional 5,072 shares in the last quarter. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

About Suncor Energy

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.