Korea Investment CORP Cuts Stock Holdings in Suncor Energy Inc. $SU

Korea Investment CORP reduced its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 16.7% during the third quarter, Holdings Channel reports. The institutional investor owned 1,101,308 shares of the oil and gas producer’s stock after selling 220,036 shares during the quarter. Korea Investment CORP’s holdings in Suncor Energy were worth $46,098,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Richardson Financial Services Inc. lifted its stake in shares of Suncor Energy by 64.1% in 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 last quarter. Hanson & Doremus Investment Management boosted its holdings in Suncor Energy by 143.5% during the 3rd 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. Smartleaf Asset Management LLC grew its position in Suncor Energy by 95.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 793 shares of the oil and gas producer’s stock worth $33,000 after acquiring an additional 388 shares during the last quarter. Headlands Technologies LLC bought a new position in Suncor Energy during the 2nd quarter worth approximately $31,000. Finally, Atlantic Union Bankshares Corp purchased a new position in Suncor Energy in the 2nd quarter worth approximately $37,000. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on SU shares. Zacks Research downgraded Suncor Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. upgraded shares of Suncor Energy from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $46.15 to $54.00 in a report on Tuesday, January 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Suncor Energy in a research note on Monday, December 29th. Wall Street Zen lowered shares of Suncor Energy from a “buy” rating to a “hold” rating in a report on Sunday, December 28th. Finally, The Goldman Sachs Group increased their price target on shares of Suncor Energy from $48.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Suncor Energy has an average rating of “Moderate Buy” and an average price target of $61.00.

Suncor Energy Stock Down 1.3%

SU stock opened at $56.87 on Monday. Suncor Energy Inc. has a twelve month low of $30.79 and a twelve month high of $58.63. 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 cap of $67.67 billion, a PE ratio of 16.39 and a beta of 0.42. The business has a 50 day moving average of $51.89 and a 200 day moving average of $45.47.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings data on Tuesday, February 3rd. The oil and gas producer reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. Suncor Energy had a return on equity of 12.51% and a net margin of 11.99%.The business had revenue of $8.77 billion during the quarter, compared to analysts’ expectations of $8.79 billion. During the same quarter in the previous year, the business earned $1.25 earnings per share. On average, research analysts forecast that Suncor Energy Inc. will post 3.42 EPS for the current fiscal year.

Suncor Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 4th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Wednesday, March 4th. Suncor Energy’s payout ratio is currently 50.72%.

Suncor Energy 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.