Assenagon Asset Management S.A. purchased a new position in Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the second quarter, according to its most recent filing with the SEC. The fund purchased 43,124 shares of the oil and gas producer’s stock, valued at approximately $1,258,000.
Several other large investors have also recently made changes to their positions in SU. Aperio Group LLC increased its stake in shares of Suncor Energy by 2.2% in the second quarter. Aperio Group LLC now owns 263,966 shares of the oil and gas producer’s stock worth $7,708,000 after buying an additional 5,761 shares during the last quarter. Gateway Investment Advisers LLC boosted its position 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. Perkins Coie Trust Co boosted its position in Suncor Energy by 3.3% in the second quarter. Perkins Coie Trust Co now owns 30,135 shares of the oil and gas producer’s stock valued at $880,000 after buying an additional 971 shares during the period. Capstone Asset Management Co. boosted its position in Suncor Energy by 0.8% in the second quarter. Capstone Asset Management Co. now owns 140,033 shares of the oil and gas producer’s stock valued at $4,089,000 after buying an additional 1,070 shares during the period. Finally, Cardinal Capital Management Inc. boosted its position in Suncor Energy by 1.5% in the second quarter. Cardinal Capital Management Inc. now owns 1,522,232 shares of the oil and gas producer’s stock valued at $44,426,000 after buying an additional 23,060 shares during the period. 65.62% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Suncor Energy Inc. (NYSE SU) traded up 0.7108% on Monday, hitting $33.2245. 1,009,823 shares of the stock traded hands. The firm has a 50 day moving average price of $29.88 and a 200 day moving average price 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 cap of $55.13 billion, a PE ratio of 25.8959 and a beta of 0.82.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Tuesday, September 5th will be given a dividend of $0.2552 per share. The ex-dividend date is Thursday, August 31st. This represents a $1.02 annualized dividend and a dividend yield of 3.09%. This is an increase from Suncor Energy ‘s previous quarterly dividend of $0.24. Suncor Energy ‘s payout ratio is currently 77.87%.
Suncor Energy declared that its board has authorized a stock buyback plan 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 reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
SU has been the topic of several research analyst reports. Zacks Investment Research cut shares of Suncor Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, April 26th. Simmons decreased their price objective on shares of Suncor Energy from $43.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 19th. Scotiabank cut shares of Suncor Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, June 9th. National Bank Financial initiated coverage on shares of Suncor Energy in a research report on Tuesday, June 27th. They issued an “outperform” rating on the stock. Finally, Piper Jaffray Companies decreased their price objective on shares of Suncor Energy from $40.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, July 3rd. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Suncor Energy currently has an average rating of “Buy” and an average 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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