Meag Munich Ergo Kapitalanlagegesellschaft MBH Continues to Hold Stake in Suncor Energy Inc. (NYSE:SU)

Meag Munich Ergo Kapitalanlagegesellschaft MBH held its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 303,346 shares of the oil and gas producer’s stock at the end of the second quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH’s holdings in Suncor Energy were worth $8,918,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in Suncor Energy by 7.1% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 70,599 shares of the oil and gas producer’s stock valued at $2,161,000 after buying an additional 4,699 shares during the period. BlackRock Inc. boosted 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 valued at $724,366,000 after buying an additional 23,556,443 shares during the period. Advisory Services Network LLC bought a new stake in Suncor Energy during the first quarter valued at $191,000. Gateway Investment Advisers LLC boosted its stake in Suncor Energy by 0.7% in the second quarter. Gateway Investment Advisers LLC now owns 17,676 shares of the oil and gas producer’s stock valued at $516,000 after buying an additional 116 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Suncor Energy by 19.2% in the first quarter. JPMorgan Chase & Co. now owns 2,508,455 shares of the oil and gas producer’s stock valued at $77,135,000 after buying an additional 404,808 shares during the period. Hedge funds and other institutional investors own 65.19% of the company’s stock.

Shares of Suncor Energy Inc. (NYSE SU) traded up 0.443% on Friday, reaching $32.905. 2,634,430 shares of the company’s stock traded hands. The company has a market cap of $54.60 billion, a PE ratio of 25.647 and a beta of 0.82. Suncor Energy Inc. has a 12-month low of $25.70 and a 12-month high of $33.79. The stock has a 50-day moving average price of $29.88 and a 200-day moving average price of $30.87.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Tuesday, September 5th will be given a dividend of $0.2552 per share. This represents a $1.02 annualized dividend and a dividend yield of 3.12%. This is a positive change from Suncor Energy ‘s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, August 31st. Suncor Energy ‘s dividend payout ratio is presently 77.87%.

Suncor Energy announced that its board has approved a stock buyback plan on Wednesday, April 26th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the oil and gas producer to purchase up to 3.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

SU has been the topic of several recent research reports. Zacks Investment Research lowered shares of Suncor Energy from a “hold” rating to a “sell” rating in a report on Wednesday, April 26th. BidaskClub raised shares of Suncor Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 24th. Barclays PLC reaffirmed an “overweight” rating and set a $52.00 target price (up previously from $47.00) on shares of Suncor Energy in a report on Wednesday, July 12th. Citigroup Inc. reissued a “buy” rating on shares of Suncor Energy in a report on Wednesday. Finally, AltaCorp Capital lowered shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, July 28th. Five analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target 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.