Telemus Capital LLC Has $972,000 Stake in Suncor Energy Inc. (NYSE:SU)

Telemus Capital LLC raised its position in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 11.9% during the second quarter, Holdings Channel reports. The institutional investor owned 33,301 shares of the oil and gas producer’s stock after buying an additional 3,545 shares during the period. Telemus Capital LLC’s holdings in Suncor Energy were worth $972,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. OLD Mutual Customised Solutions Proprietary Ltd. raised its position in shares of 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. raised its position in shares of 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 purchased a new position in shares of Suncor Energy during the first quarter valued at about $191,000. Gateway Investment Advisers LLC raised its position in shares of 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. raised its position in shares of 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. 65.19% of the stock is owned by hedge funds and other institutional investors.

Suncor Energy Inc. (SU) opened at 32.99 on Friday. The company has a 50-day moving average of $29.88 and a 200-day moving average of $30.87. Suncor Energy Inc. has a 52 week low of $25.70 and a 52 week high of $33.79. The firm has a market capitalization of $54.74 billion, a price-to-earnings ratio of 25.71 and a beta of 0.82.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Tuesday, September 5th will be issued a $0.2552 dividend. This represents a $1.02 dividend on an annualized basis and a yield of 3.09%. This is a boost from Suncor Energy ‘s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, August 31st. Suncor Energy ‘s dividend payout ratio (DPR) is presently 77.87%.

Suncor Energy announced that its board has approved a share repurchase program on Wednesday, April 26th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the oil and gas producer to purchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

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Several brokerages have recently issued reports on SU. Piper Jaffray Companies decreased their price target on shares of Suncor Energy from $40.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, July 3rd. National Bank Financial began coverage on shares of Suncor Energy in a report on Tuesday, June 27th. They issued an “outperform” rating for the company. Scotiabank lowered shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, June 9th. Simmons decreased their price target on shares of Suncor Energy from $43.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, April 19th. Finally, Zacks Investment Research lowered shares of Suncor Energy from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently 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.

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