Envestnet Asset Management Inc. Decreases Stake in Suncor Energy Inc. $SU

Envestnet Asset Management Inc. decreased its holdings in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 16.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 529,362 shares of the oil and gas producer’s stock after selling 107,376 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Suncor Energy were worth $22,133,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Richardson Financial Services Inc. raised its position in Suncor Energy by 64.1% in the third quarter. Richardson Financial Services Inc. now owns 704 shares of the oil and gas producer’s stock worth $29,000 after acquiring an additional 275 shares during the period. Headlands Technologies LLC bought a new stake in shares of Suncor Energy during the 2nd quarter valued at $31,000. Hanson & Doremus Investment Management increased its stake in shares of Suncor Energy by 143.5% in the 3rd quarter. Hanson & Doremus Investment Management now owns 789 shares of the oil and gas producer’s stock worth $33,000 after purchasing an additional 465 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in Suncor Energy in the 2nd quarter worth $37,000. Finally, Corsicana & Co. purchased a new position in Suncor Energy during the third quarter valued at $42,000. 67.37% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SU has been the topic of a number of recent analyst reports. Wells Fargo & Company began coverage on shares of Suncor Energy in a research note on Friday, October 17th. They set an “equal weight” rating on the stock. Royal Bank Of Canada raised their price objective on shares of Suncor Energy from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Raymond James Financial upgraded shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of Suncor Energy in a research note on Monday, December 29th. Finally, Wall Street Zen cut Suncor Energy from a “buy” rating to a “hold” rating in a report on Sunday, December 28th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $61.00.

Suncor Energy Stock Performance

Shares of NYSE:SU opened at $55.96 on Friday. The company has a current ratio of 1.39, a quick ratio of 0.89 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $66.59 billion, a price-to-earnings ratio of 16.13 and a beta of 0.46. Suncor Energy Inc. has a 12 month low of $30.79 and a 12 month high of $56.46. The firm’s 50-day moving average is $47.96 and its 200 day moving average is $43.57.

Suncor Energy (NYSE:SU) (TSE:SU) last released its earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. Suncor Energy had a return on equity of 12.51% and a net margin of 11.99%.The firm had revenue of $8.77 billion for the quarter, compared to analysts’ expectations of $8.79 billion. During the same quarter in the prior year, the firm posted $1.25 earnings per share. Research analysts predict that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 4th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Wednesday, March 4th. Suncor Energy’s dividend payout ratio is 49.57%.

Suncor Energy Company Profile

Suncor Energy Inc is a Canadian integrated energy company headquartered in Calgary, Alberta. The company’s operations span the full oil and gas value chain, with principal activities in oil sands development and production, conventional exploration and production, refining, distribution and retail marketing of petroleum products. Suncor supplies crude, synthetic crude and refined fuels as well as related products and services to commercial and consumer markets.

Upstream, Suncor is a major developer and operator of oil sands projects in Alberta, using both mining and in situ technologies to produce bitumen and synthetic crude.