Arcadia Investment Management Corp MI Lowers Stock Position in Suncor Energy Inc. $SU

Arcadia Investment Management Corp MI cut its holdings in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 8.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 247,467 shares of the oil and gas producer’s stock after selling 22,605 shares during the period. Suncor Energy makes up about 1.5% of Arcadia Investment Management Corp MI’s portfolio, making the stock its 21st largest holding. Arcadia Investment Management Corp MI’s holdings in Suncor Energy were worth $9,268,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Burling Wealth Partners LLC raised its stake in shares of Suncor Energy by 15.9% during the 2nd quarter. Burling Wealth Partners LLC now owns 42,570 shares of the oil and gas producer’s stock worth $1,594,000 after buying an additional 5,851 shares during the period. D Orazio & Associates Inc. acquired a new stake in Suncor Energy in the 2nd quarter valued at $263,000. Geode Capital Management LLC increased its holdings in Suncor Energy by 18.5% in the 2nd quarter. Geode Capital Management LLC now owns 10,147,653 shares of the oil and gas producer’s stock worth $387,538,000 after acquiring an additional 1,586,520 shares in the last quarter. Vise Technologies Inc. acquired a new position in Suncor Energy during the second quarter worth $4,283,000. Finally, Allworth Financial LP raised its position in Suncor Energy by 29.0% during the second quarter. Allworth Financial LP now owns 2,021 shares of the oil and gas producer’s stock worth $76,000 after acquiring an additional 454 shares during the period. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Suncor Energy Trading Up 1.6%

Shares of SU opened at $44.32 on Friday. Suncor Energy Inc. has a 12-month low of $30.79 and a 12-month high of $44.70. The firm has a market capitalization of $53.47 billion, a P/E ratio of 13.64, a P/E/G ratio of 3.52 and a beta of 0.75. The firm has a 50-day moving average price of $41.13 and a 200 day moving average price of $39.21. The company has a current ratio of 1.26, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its earnings results on Tuesday, November 4th. The oil and gas producer reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.22. Suncor Energy had a net margin of 11.35% and a return on equity of 13.21%. The company had revenue of $9.04 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same period in the previous year, the business posted $1.48 EPS. Sell-side analysts forecast that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 24th. Stockholders of record on Wednesday, December 3rd will be paid a $0.60 dividend. This is a boost from Suncor Energy’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Wednesday, December 3rd. This represents a $2.40 annualized dividend and a dividend yield of 5.4%. Suncor Energy’s dividend payout ratio is currently 55.74%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Royal Bank Of Canada reiterated an “outperform” rating and issued a $65.00 target price on shares of Suncor Energy in a research report on Friday, October 3rd. Raymond James Financial raised shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 6th. Wells Fargo & Company initiated coverage on Suncor Energy in a research note on Friday, October 17th. They set an “equal weight” rating for the company. Weiss Ratings reissued a “buy (b)” rating on shares of Suncor Energy in a report on Thursday. Finally, Zacks Research downgraded Suncor Energy from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $65.00.

Suncor Energy Company Profile

Suncor Energy Inc operates as an integrated energy company in Canada, the United States, and internationally. It operates through Oil Sands; Exploration and Production; and Refining and Marketing segments. The Oil Sands segment explores, develops, and produces bitumen, synthetic crude oil, and related products.