Suncor Energy Inc. $SU Stock: Ritholtz Wealth Management Lowers Stake

Ritholtz Wealth Management cut its holdings in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 11.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 76,585 shares of the oil and gas producer’s stock after selling 10,301 shares during the quarter. Ritholtz Wealth Management’s holdings in Suncor Energy were worth $5,198,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of SU. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Suncor Energy during the second quarter valued at $816,551,000. The Manufacturers Life Insurance Company purchased a new position in shares of Suncor Energy in the 2nd quarter worth $790,952,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Suncor Energy by 121.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 26,085,360 shares of the oil and gas producer’s stock worth $1,724,954,000 after buying an additional 14,304,131 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Suncor Energy in the 2nd quarter worth about $466,810,000. Finally, Bank of America Corp DE bought a new stake in shares of Suncor Energy in the 2nd quarter worth about $351,892,000. Institutional investors own 67.37% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Suncor Energy from a “buy (b)” rating to a “buy (a-)” rating in a research report on Thursday, October 8th. Zacks Research raised shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. Desjardins upgraded Suncor Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Wall Street Zen raised Suncor Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 17th. Finally, Morgan Stanley set a $106.00 price objective on Suncor Energy in a research note on Wednesday, August 19th. Three research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $81.71.

Suncor Energy Stock Up 0.5%

Shares of SU opened at $69.34 on Friday. The company has a quick ratio of 1.27, a current ratio of 1.71 and a debt-to-equity ratio of 0.19. The business has a fifty day moving average of $71.68 and a 200 day moving average of $64.20. The company has a market cap of $80.33 billion, a PE ratio of 9.36, a P/E/G ratio of 0.22 and a beta of 0.22. Suncor Energy Inc. has a 52-week low of $42.09 and a 52-week high of $80.25.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its quarterly earnings data on Tuesday, November 3rd. The oil and gas producer reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.35 by $0.49. Suncor Energy had a net margin of 17.49% and a return on equity of 25.55%. The business had revenue of $13.26 billion for the quarter, compared to analysts’ expectations of $11.85 billion. During the same quarter in the previous year, the business posted $1.48 earnings per share. On average, sell-side analysts expect that Suncor Energy Inc. will post 9.30 EPS for the current year.

Suncor Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 24th. Stockholders of record on Thursday, December 3rd will be issued a C$0.66 dividend. This is a boost from Suncor Energy’s previous quarterly dividend of C$0.60. The ex-dividend date is Thursday, December 3rd. This represents a $2.64 annualized dividend and a dividend yield of 3.8%. Suncor Energy’s dividend payout ratio (DPR) is 25.44%.

About Suncor Energy

Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta. Its operations span the energy value chain, from producing and processing crude oil to refining, marketing and distributing fuel products. The company’s upstream business includes oil sands development and upgrading in Alberta, as well as conventional and offshore oil and gas production. Its refining and marketing operations serve customers in Canada and the United States, selling products such as gasoline, diesel and jet fuel under brands including Petro-Canada.