Cardinal Point Capital Management ULC Cuts Stake in Suncor Energy Inc. $SU

Cardinal Point Capital Management ULC cut its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 4.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 378,476 shares of the oil and gas producer’s stock after selling 16,841 shares during the quarter. Suncor Energy comprises approximately 1.5% of Cardinal Point Capital Management ULC’s portfolio, making the stock its 19th biggest position. Cardinal Point Capital Management ULC’s holdings in Suncor Energy were worth $24,983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Swiss Life Asset Management Ltd increased its position in shares of Suncor Energy by 35.0% in the third quarter. Swiss Life Asset Management Ltd now owns 101,192 shares of the oil and gas producer’s stock valued at $4,240,000 after buying an additional 26,252 shares in the last quarter. Picton Mahoney Asset Management increased its holdings in Suncor Energy by 314.8% during the 3rd quarter. Picton Mahoney Asset Management now owns 627,313 shares of the oil and gas producer’s stock valued at $26,246,000 after acquiring an additional 476,077 shares in the last quarter. Intact Investment Management Inc. raised its position in Suncor Energy by 36.3% during the fourth quarter. Intact Investment Management Inc. now owns 1,695,160 shares of the oil and gas producer’s stock worth $75,236,000 after acquiring an additional 451,110 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Suncor Energy by 2.1% in the third quarter. American Century Companies Inc. now owns 896,556 shares of the oil and gas producer’s stock valued at $37,519,000 after purchasing an additional 18,231 shares in the last quarter. Finally, Cantor Fitzgerald L. P. acquired a new stake in shares of Suncor Energy in the third quarter valued at approximately $1,067,000. Institutional investors own 67.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SU shares. Zacks Research cut Suncor Energy from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. Wall Street Zen downgraded shares of Suncor Energy from a “strong-buy” rating to a “buy” rating in a research note on Sunday, June 7th. Weiss Ratings downgraded shares of Suncor Energy from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. The Goldman Sachs Group lowered shares of Suncor Energy from a “buy” rating to a “neutral” rating and set a $72.00 target price on the stock. in a research report on Friday, June 5th. Finally, Royal Bank Of Canada boosted their price target on Suncor Energy from $75.00 to $89.00 and gave the company an “outperform” rating in a report on Wednesday, April 1st. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $71.67.

Suncor Energy Price Performance

SU stock opened at $54.49 on Thursday. The stock has a 50-day simple moving average of $63.54 and a 200-day simple moving average of $57.12. The firm has a market cap of $64.34 billion, a P/E ratio of 14.30 and a beta of 0.27. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.92 and a current ratio of 1.42. Suncor Energy Inc. has a 1 year low of $37.22 and a 1 year high of $70.29.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $1.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.04). The business had revenue of $10.41 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Suncor Energy had a return on equity of 13.96% and a net margin of 12.29%.During the same period in the previous year, the firm posted $1.31 earnings per share. On average, equities analysts predict that Suncor Energy Inc. will post 7.07 earnings per share for the current fiscal year.

Suncor Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 4th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Thursday, June 4th. Suncor Energy’s dividend payout ratio is presently 45.67%.

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.