Nexus Investment Management ULC Trims Stake in Suncor Energy Inc. (NYSE:SU)

Nexus Investment Management ULC reduced its holdings in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 0.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 516,930 shares of the oil and gas producer’s stock after selling 4,320 shares during the period. Suncor Energy comprises 1.9% of Nexus Investment Management ULC’s holdings, making the stock its 28th largest position. Nexus Investment Management ULC’s holdings in Suncor Energy were worth $19,104,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in SU. Richardson Financial Services Inc. purchased a new stake in Suncor Energy in the fourth quarter valued at $25,000. Trust Co. of Vermont acquired a new stake in shares of Suncor Energy in the 2nd quarter valued at about $26,000. Summit Securities Group LLC purchased a new stake in Suncor Energy during the 2nd quarter valued at approximately $27,000. Ridgewood Investments LLC acquired a new stake in shares of Suncor Energy in the 2nd quarter worth approximately $29,000. Finally, V Square Quantitative Management LLC acquired a new stake in Suncor Energy during the 4th quarter valued at $38,000. 67.37% of the stock is owned by institutional investors and hedge funds.

Suncor Energy Price Performance

Suncor Energy stock opened at $38.28 on Wednesday. Suncor Energy Inc. has a 52 week low of $29.45 and a 52 week high of $41.94. The company’s 50 day moving average price is $39.06 and its two-hundred day moving average price is $38.72. The company has a quick ratio of 0.93, a current ratio of 1.46 and a debt-to-equity ratio of 0.26. The stock has a market cap of $48.48 billion, a P/E ratio of 8.88, a P/E/G ratio of 2.72 and a beta of 1.12.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.51. The firm had revenue of $12.90 billion during the quarter, compared to analyst estimates of $9.30 billion. Suncor Energy had a net margin of 14.40% and a return on equity of 16.22%. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.71 EPS. On average, equities analysts predict that Suncor Energy Inc. will post 3.71 earnings per share for the current year.

Suncor Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 4th were issued a dividend of $0.395 per share. This represents a $1.58 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date of this dividend was Wednesday, September 4th. Suncor Energy’s payout ratio is 37.59%.

Analyst Ratings Changes

Several research analysts have commented on the company. Wolfe Research assumed coverage on Suncor Energy in a research report on Thursday, July 18th. They issued an “outperform” rating and a $68.00 price objective on the stock. Scotiabank dropped their target price on Suncor Energy from $61.00 to $60.00 and set a “sector perform” rating on the stock in a report on Friday, July 12th. TD Securities raised Suncor Energy from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. StockNews.com upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a report on Saturday, September 28th. Finally, BMO Capital Markets upgraded shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $55.83.

Suncor Energy Company Profile

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.