Bank of New York Mellon Corp Sells 472,448 Shares of Suncor Energy Inc. $SU

Bank of New York Mellon Corp cut its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 13.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,065,809 shares of the oil and gas producer’s stock after selling 472,448 shares during the quarter. Bank of New York Mellon Corp owned 0.25% of Suncor Energy worth $128,181,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of SU. Shell Asset Management Co. lifted its stake in Suncor Energy by 65.8% in the second quarter. Shell Asset Management Co. now owns 103,082 shares of the oil and gas producer’s stock valued at $3,854,000 after buying an additional 40,892 shares in the last quarter. CWA Asset Management Group LLC raised its holdings in shares of Suncor Energy by 64.9% during the third quarter. CWA Asset Management Group LLC now owns 117,779 shares of the oil and gas producer’s stock worth $4,924,000 after acquiring an additional 46,342 shares during the period. Ontario Teachers Pension Plan Board raised its holdings in shares of Suncor Energy by 15.6% during the second quarter. Ontario Teachers Pension Plan Board now owns 315,278 shares of the oil and gas producer’s stock worth $11,818,000 after acquiring an additional 42,506 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Suncor Energy by 45.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 723,965 shares of the oil and gas producer’s stock valued at $29,871,000 after acquiring an additional 227,197 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Suncor Energy by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 4,941,181 shares of the oil and gas producer’s stock worth $184,730,000 after purchasing an additional 66,610 shares during the period. Institutional investors own 67.37% of the company’s stock.

Suncor Energy Price Performance

NYSE:SU opened at $52.96 on Friday. The stock has a market capitalization of $63.21 billion, a PE ratio of 17.36 and a beta of 0.46. Suncor Energy Inc. has a 1-year low of $30.79 and a 1-year high of $54.80. The firm has a fifty day simple moving average of $46.02 and a 200 day simple moving average of $42.56. The company has a current ratio of 1.35, a quick ratio of 0.85 and a debt-to-equity ratio of 0.19.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its quarterly earnings results on Tuesday, November 4th. The oil and gas producer reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.22. The firm had revenue of $9.04 billion during the quarter, compared to analysts’ expectations of $8.82 billion. Suncor Energy had a net margin of 10.61% and a return on equity of 13.01%. During the same quarter last year, the company posted $1.48 earnings per share. On average, research analysts expect that Suncor Energy Inc. will post 3.42 EPS for the current fiscal year.

Suncor Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 24th. Shareholders of record on Wednesday, December 3rd were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 4.5%. This is a boost from Suncor Energy’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Wednesday, December 3rd. Suncor Energy’s dividend payout ratio (DPR) is presently 56.39%.

Analyst Ratings Changes

SU has been the topic of several recent research reports. Wall Street Zen downgraded Suncor Energy from a “buy” rating to a “hold” rating in a research note on Sunday, December 28th. Wells Fargo & Company assumed coverage on Suncor Energy in a report on Friday, October 17th. They set an “equal weight” rating for the company. Raymond James Financial raised Suncor Energy from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Suncor Energy in a research report on Monday, December 29th. Finally, Zacks Research cut shares of Suncor Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $57.67.

Suncor Energy 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.