TD Asset Management Inc Cuts Stock Holdings in Suncor Energy Inc. $SU

TD Asset Management Inc reduced its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 9.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,172,847 shares of the oil and gas producer’s stock after selling 2,428,144 shares during the quarter. Suncor Energy accounts for approximately 0.8% of TD Asset Management Inc’s portfolio, making the stock its 27th largest holding. TD Asset Management Inc owned about 1.92% of Suncor Energy worth $969,949,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Richardson Financial Services Inc. boosted its holdings in Suncor Energy by 64.1% during the 3rd 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 period. Hanson & Doremus Investment Management lifted its position 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 purchasing an additional 465 shares during the last quarter. Smartleaf Asset Management LLC lifted 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 valued at $33,000 after purchasing an additional 388 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Suncor Energy during the second quarter valued at approximately $31,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of Suncor Energy during the second quarter valued at approximately $37,000. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on SU shares. JPMorgan Chase & Co. raised shares of 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 research note on Tuesday, January 20th. Royal Bank Of Canada boosted their price objective on shares of Suncor Energy from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Zacks Research lowered shares of Suncor Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 20th. Wall Street Zen cut Suncor Energy from a “buy” rating to a “hold” rating in a research note on Sunday, December 28th. Finally, Raymond James Financial raised Suncor Energy from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 6th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $61.00.

Suncor Energy Price Performance

Shares of NYSE SU opened at $55.94 on Wednesday. Suncor Energy Inc. has a 1 year low of $30.79 and a 1 year high of $57.13. The stock has a market capitalization of $66.56 billion, a P/E ratio of 16.12 and a beta of 0.46. The company’s 50-day moving average is $49.67 and its 200 day moving average is $44.45. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 0.89.

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

Suncor Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 4th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Wednesday, March 4th. Suncor Energy’s payout ratio is 49.57%.

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.