Karpas Strategies LLC continued to hold its position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,800 shares of the oil and gas producer’s stock at the end of the second quarter. Karpas Strategies LLC’s holdings in Suncor Energy were worth $345,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. raised its stake in Suncor Energy by 11,547,276.0% in the first quarter. BlackRock Inc. now owns 23,556,647 shares of the oil and gas producer’s stock worth $724,366,000 after buying an additional 23,556,443 shares during the last quarter. OppenheimerFunds Inc. increased its stake in shares of Suncor Energy by 39.1% in the first quarter. OppenheimerFunds Inc. now owns 15,323,679 shares of the oil and gas producer’s stock worth $471,203,000 after buying an additional 4,309,173 shares during the period. FMR LLC increased its stake in shares of Suncor Energy by 3.4% in the first quarter. FMR LLC now owns 105,191,127 shares of the oil and gas producer’s stock worth $3,229,653,000 after buying an additional 3,492,013 shares during the period. Wellington Management Group LLP increased its stake in shares of Suncor Energy by 5.2% in the first quarter. Wellington Management Group LLP now owns 62,617,740 shares of the oil and gas producer’s stock worth $1,922,960,000 after buying an additional 3,103,397 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of Suncor Energy by 30.4% in the first quarter. Bank of America Corp DE now owns 8,870,177 shares of the oil and gas producer’s stock worth $272,758,000 after buying an additional 2,065,451 shares during the period. Institutional investors and hedge funds own 65.22% of the company’s stock.
Suncor Energy Inc. (NYSE:SU) traded up 0.49% during midday trading on Thursday, reaching $30.76. 1,508,411 shares of the company traded hands. The firm has a market capitalization of $51.35 billion, a PE ratio of 42.08 and a beta of 0.80. Suncor Energy Inc. has a 12 month low of $25.70 and a 12 month high of $33.79. The company’s 50-day moving average price is $29.73 and its 200 day moving average price is $30.96.
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 26th. Stockholders of record on Monday, June 5th were issued a dividend of $0.2371 per share. The ex-dividend date was Thursday, June 1st. This represents a $0.95 annualized dividend and a dividend yield of 3.10%. Suncor Energy ‘s payout ratio is currently 141.79%.
Suncor Energy declared that its Board of Directors has authorized a stock buyback program on Wednesday, April 26th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas producer to repurchase up to 3.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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SU has been the topic of a number of recent analyst reports. Goldman Sachs Group, Inc. (The) raised shares of Suncor Energy from a “buy” rating to a “conviction-buy” rating and increased their price target for the stock from $25.00 to $34.00 in a report on Wednesday, April 5th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Suncor Energy from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Tuesday, April 11th. Simmons lowered their price target on shares of Suncor Energy from $43.00 to $41.00 and set an “overweight” rating on the stock in a report on Wednesday, April 19th. Scotiabank downgraded shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, June 9th. Finally, National Bank Financial assumed coverage on shares of Suncor Energy in a report on Tuesday, June 27th. They set an “outperform” rating on the stock. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Suncor Energy has an average rating of “Buy” and a consensus target price of $42.10.
About Suncor Energy
Suncor Energy Inc (Suncor) is an integrated energy company. The Company is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. The Company’s Oil Sands segment includes Oil Sands operations and Oil Sands ventures operations.
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