Envestnet Portfolio Solutions Inc. Has $1.92 Million Position in Suncor Energy Inc. $SU

Envestnet Portfolio Solutions Inc. cut its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 18.2% in the 3rd quarter, Holdings Channel.com reports. The fund owned 45,887 shares of the oil and gas producer’s stock after selling 10,179 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Suncor Energy were worth $1,919,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Richardson Financial Services Inc. increased its position in shares of 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 purchasing an additional 275 shares during the period. Hanson & Doremus Investment Management increased its holdings in 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 valued at $33,000 after buying an additional 465 shares during the period. Headlands Technologies LLC bought a new position in Suncor Energy in the 2nd quarter valued at about $31,000. Atlantic Union Bankshares Corp acquired a new position in shares of Suncor Energy in the 2nd quarter valued at approximately $37,000. Finally, Corsicana & Co. bought a new stake in shares of Suncor Energy during the 3rd quarter worth approximately $42,000. 67.37% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on SU. Wall Street Zen downgraded shares of Suncor Energy from a “buy” rating to a “hold” rating in a research report on Sunday, December 28th. Wells Fargo & Company began coverage on Suncor Energy in a research note on Friday, October 17th. They issued an “equal weight” rating on the stock. Royal Bank Of Canada reissued an “outperform” rating and set a $65.00 price target on shares of Suncor Energy in a report on Friday, October 3rd. JPMorgan Chase & Co. raised Suncor Energy from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $46.15 to $54.00 in a research note on Tuesday, January 20th. Finally, The Goldman Sachs Group lifted their target price on Suncor Energy from $48.00 to $54.00 and gave the company a “buy” rating in a research report on Friday. Two research 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $57.67.

Suncor Energy Stock Performance

Shares of SU stock opened at $51.15 on Tuesday. The firm has a market capitalization of $61.05 billion, a price-to-earnings ratio of 16.77 and a beta of 0.46. The company has a current ratio of 1.35, a quick ratio of 0.85 and a debt-to-equity ratio of 0.19. The business’s 50-day moving average price is $45.38 and its 200-day moving average price is $42.21. Suncor Energy Inc. has a 12 month low of $30.79 and a 12 month high of $51.42.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings data on Tuesday, November 4th. The oil and gas producer reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.22. Suncor Energy had a return on equity of 13.01% and a net margin of 10.61%.The company had revenue of $9.04 billion during the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter in the prior year, the firm posted $1.48 earnings per share. Equities research 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 was paid on Wednesday, December 24th. Stockholders of record on Wednesday, December 3rd were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Wednesday, December 3rd. This is an increase from Suncor Energy’s previous quarterly dividend of $0.41. This represents a $2.40 annualized dividend and a dividend yield of 4.7%. Suncor Energy’s payout ratio is 56.39%.

About Suncor Energy

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.