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CIBC Asset Management Inc Purchases 290,561 Shares of Suncor Energy Inc. (NYSE:SU)

By August 28, 2019 No Comments

CIBC Asset Management Inc lifted its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 2.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,134,352 shares of the oil and gas producer’s stock after buying an additional 290,561 shares during the period. Suncor Energy makes up approximately 2.8% of CIBC Asset Management Inc’s holdings, making the stock its 7th largest holding. CIBC Asset Management Inc owned about 0.97% of Suncor Energy worth $472,090,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Suncor Energy by 6.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,182,208 shares of the oil and gas producer’s stock worth $116,976,000 after acquiring an additional 251,585 shares in the last quarter. Pennsylvania Trust Co acquired a new position in Suncor Energy during the first quarter worth $1,425,000. Gulf International Bank UK Ltd raised its stake in Suncor Energy by 2.3% during the first quarter. Gulf International Bank UK Ltd now owns 31,789 shares of the oil and gas producer’s stock worth $1,031,000 after acquiring an additional 700 shares in the last quarter. Ellis Investment Partners LLC acquired a new position in Suncor Energy during the first quarter worth $428,000. Finally, Heathbridge Capital Management Ltd. raised its stake in Suncor Energy by 1.3% during the first quarter. Heathbridge Capital Management Ltd. now owns 822,400 shares of the oil and gas producer’s stock worth $26,654,000 after acquiring an additional 10,650 shares in the last quarter. Hedge funds and other institutional investors own 63.38% of the company’s stock.

Suncor Energy stock traded down $0.13 during mid-day trading on Tuesday, hitting $28.00. The stock had a trading volume of 46,713 shares, compared to its average volume of 4,333,930. The stock has a 50-day simple moving average of $29.56 and a two-hundred day simple moving average of $31.76. The stock has a market capitalization of $43.96 billion, a PE ratio of 13.99, a P/E/G ratio of 1.54 and a beta of 1.08. Suncor Energy Inc. has a 12 month low of $25.81 and a 12 month high of $42.16. The company has a current ratio of 0.98, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its quarterly earnings results on Wednesday, July 24th. The oil and gas producer reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.09). The firm had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $8.15 billion. Suncor Energy had a net margin of 14.55% and a return on equity of 10.20%. Sell-side analysts expect that Suncor Energy Inc. will post 2.44 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 4th will be issued a $0.321 dividend. This is a boost from Suncor Energy’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.28 annualized dividend and a yield of 4.59%. Suncor Energy’s dividend payout ratio (DPR) is currently 62.00%.

A number of analysts have recently weighed in on SU shares. BMO Capital Markets restated a “buy” rating on shares of Suncor Energy in a research note on Monday, June 24th. GMP Securities restated a “hold” rating and issued a $48.00 target price on shares of Suncor Energy in a research note on Tuesday, May 7th. ValuEngine lowered Suncor Energy from a “hold” rating to a “sell” rating in a research note on Saturday, July 6th. Raymond James restated a “buy” rating on shares of Suncor Energy in a research note on Thursday, May 2nd. Finally, Zacks Investment Research upgraded Suncor Energy from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research note on Monday, May 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the stock. Suncor Energy presently has a consensus rating of “Buy” and a consensus price target of $47.48.

Suncor Energy Profile

Suncor Energy Inc operates as an integrated energy company. The company primarily focuses on developing petroleum resource basins in Canada’s Athabasca oil sands; explores, acquires, develops, produces, and markets crude oil and natural gas in Canada and internationally; transports and refines crude oil; markets petroleum and petrochemical products primarily in Canada.

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Institutional Ownership by Quarter for Suncor Energy (NYSE:SU)

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