Letko Brosseau & Associates Inc. Trims Stake in Suncor Energy Inc. $SU

Letko Brosseau & Associates Inc. lowered its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 19.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,661,252 shares of the oil and gas producer’s stock after selling 406,125 shares during the period. Letko Brosseau & Associates Inc.’s holdings in Suncor Energy were worth $73,831,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Erste Asset Management GmbH purchased a new position in shares of Suncor Energy during the fourth quarter valued at about $213,000. O Shaughnessy Asset Management LLC increased its position in shares of Suncor Energy by 0.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 449,145 shares of the oil and gas producer’s stock valued at $19,928,000 after buying an additional 2,331 shares during the period. Capital Research Global Investors increased its position in shares of Suncor Energy by 0.3% during the fourth quarter. Capital Research Global Investors now owns 4,973,331 shares of the oil and gas producer’s stock valued at $220,739,000 after buying an additional 13,028 shares during the period. Avise Financial Cooperative Inc. purchased a new position in shares of Suncor Energy during the fourth quarter valued at about $378,000. Finally, Vise Technologies Inc. increased its position in shares of Suncor Energy by 5.8% during the fourth quarter. Vise Technologies Inc. now owns 105,215 shares of the oil and gas producer’s stock valued at $4,667,000 after buying an additional 5,771 shares during the period. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Suncor Energy Trading Down 3.3%

NYSE:SU opened at $61.15 on Wednesday. Suncor Energy Inc. has a one year low of $37.13 and a one year high of $70.29. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.92. The company’s 50-day simple moving average is $65.17 and its 200 day simple moving average is $56.08. The firm has a market capitalization of $72.21 billion, a P/E ratio of 16.05 and a beta of 0.27.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $1.41 EPS for the quarter, missing the consensus estimate of $1.45 by ($0.04). Suncor Energy had a return on equity of 13.96% and a net margin of 12.29%.The business had revenue of $10.41 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the firm earned $1.31 EPS. As a group, analysts forecast that Suncor Energy Inc. will post 7.07 EPS for the current fiscal year.

Suncor Energy Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $2.40 annualized dividend and a yield of 3.9%. Suncor Energy’s 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.