Short Interest in Suncor Energy Inc. (NYSE:SU) Expands By 48.7%

Suncor Energy Inc. (NYSE:SU) (TSE:SU) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totalling 18,260,000 shares, a growth of 48.7% from the August 15th total of 12,280,000 shares. Currently, 1.2% of the company’s stock are sold short. Based on an average daily volume of 6,850,000 shares, the short-interest ratio is currently 2.7 days.

Shares of NYSE:SU traded down $0.21 during trading on Friday, hitting $19.36. 6,097,221 shares of the company were exchanged, compared to its average volume of 7,620,390. The company has a market cap of $28.71 billion, a PE ratio of 23.90, a P/E/G ratio of 3.05 and a beta of 1.69. The stock has a 50 day moving average of $19.52 and a 200 day moving average of $21.60. Suncor Energy has a 52-week low of $10.67 and a 52-week high of $25.73. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.04 and a quick ratio of 0.64.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its earnings results on Wednesday, July 28th. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.03. Suncor Energy had a return on equity of 4.62% and a net margin of 5.04%. The firm had revenue of $7.40 billion for the quarter, compared to the consensus estimate of $6.80 billion. Sell-side analysts forecast that Suncor Energy will post 2 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 24th. Investors of record on Friday, September 3rd will be given a $0.167 dividend. The ex-dividend date of this dividend is Thursday, September 2nd. This represents a $0.67 dividend on an annualized basis and a dividend yield of 3.45%. Suncor Energy’s dividend payout ratio (DPR) is presently -60.91%.

A number of analysts have commented on SU shares. TD Securities decreased their price objective on Suncor Energy from C$44.00 to C$42.00 and set a “buy” rating for the company in a report on Thursday, July 29th. Raymond James initiated coverage on Suncor Energy in a report on Tuesday, July 20th. They set a “buy” rating and a $40.00 price objective for the company. Scotiabank reduced their target price on Suncor Energy from C$35.00 to C$33.00 and set an “outperform” rating for the company in a report on Thursday, July 29th. Barclays reduced their target price on Suncor Energy from C$46.00 to C$39.00 and set an “overweight” rating for the company in a report on Monday, August 2nd. Finally, National Bank Financial reduced their target price on Suncor Energy from C$42.00 to C$41.00 and set a “sector perform” rating for the company in a report on Monday, July 19th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $33.17.

Several hedge funds have recently modified their holdings of the stock. FMR LLC raised its position in shares of Suncor Energy by 34.3% in the second quarter. FMR LLC now owns 53,574,915 shares of the oil and gas producer’s stock worth $1,283,196,000 after buying an additional 13,697,247 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Suncor Energy by 0.4% in the second quarter. Vanguard Group Inc. now owns 46,426,717 shares of the oil and gas producer’s stock worth $1,112,849,000 after buying an additional 165,194 shares in the last quarter. TD Asset Management Inc. raised its position in shares of Suncor Energy by 20.8% in the first quarter. TD Asset Management Inc. now owns 35,227,682 shares of the oil and gas producer’s stock worth $736,310,000 after buying an additional 6,067,887 shares in the last quarter. Sanders Capital LLC raised its position in shares of Suncor Energy by 3.3% in the second quarter. Sanders Capital LLC now owns 32,674,165 shares of the oil and gas producer’s stock worth $813,362,000 after buying an additional 1,054,554 shares in the last quarter. Finally, Artisan Partners Limited Partnership raised its position in shares of Suncor Energy by 10.5% in the second quarter. Artisan Partners Limited Partnership now owns 24,237,215 shares of the oil and gas producer’s stock worth $580,512,000 after buying an additional 2,294,900 shares in the last quarter. Institutional investors own 60.20% of the company’s stock.

Suncor Energy Company Profile

Suncor Energy, Inc is an integrated energy company, which develops petroleum resource basins. Its activities include oil sands development, and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing. The company operates through the following business segments: Oil Sands; Exploration & Production; and Refining & Marketing.

Further Reading: Hold Rating

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