Short Interest in Suncor Energy Inc. (NYSE:SU) Drops By 73.7%

Suncor Energy Inc. (NYSE:SU) (TSE:SU) was the recipient of a significant decrease in short interest in March. As of March 15th, there was short interest totalling 13,360,000 shares, a decrease of 73.7% from the February 28th total of 50,780,000 shares. Based on an average trading volume of 4,680,000 shares, the days-to-cover ratio is presently 2.9 days. Currently, 1.1% of the shares of the stock are short sold.

Suncor Energy Stock Down 0.7 %

NYSE SU traded down $0.27 on Friday, reaching $38.36. The company had a trading volume of 2,789,133 shares, compared to its average volume of 4,405,989. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.33 and a quick ratio of 0.86. Suncor Energy has a 1 year low of $33.81 and a 1 year high of $41.95. The firm has a 50-day moving average of $38.13 and a 200-day moving average of $38.16. The firm has a market capitalization of $47.45 billion, a PE ratio of 11.12, a P/E/G ratio of 2.94 and a beta of 1.11.

Suncor Energy (NYSE:SU) (TSE:SU) last announced its earnings results on Wednesday, February 5th. The oil and gas producer reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.07. Suncor Energy had a net margin of 11.80% and a return on equity of 15.37%. On average, equities research analysts anticipate that Suncor Energy will post 3.42 EPS for the current fiscal year.

Suncor Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 4th were given a dividend of $0.399 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date was Tuesday, March 4th. Suncor Energy’s payout ratio is 45.51%.

Analyst Upgrades and Downgrades

SU has been the topic of several research analyst reports. Bank of America began coverage on shares of Suncor Energy in a research report on Wednesday, February 26th. They set a “neutral” rating on the stock. Tudor, Pickering, Holt & Co. upgraded shares of Suncor Energy from a “hold” rating to a “buy” rating in a research report on Monday, February 10th. Tudor Pickering raised shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, February 10th. Cibc World Mkts raised Suncor Energy from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 11th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of Suncor Energy in a research note on Tuesday, January 7th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Suncor Energy presently has an average rating of “Moderate Buy” and a consensus price target of $59.20.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. HHM Wealth Advisors LLC raised its position in shares of Suncor Energy by 62.1% in the 4th quarter. HHM Wealth Advisors LLC now owns 848 shares of the oil and gas producer’s stock valued at $30,000 after purchasing an additional 325 shares in the last quarter. Crowley Wealth Management Inc. bought a new position in Suncor Energy during the 4th quarter valued at $35,000. Lee Danner & Bass Inc. acquired a new position in Suncor Energy during the 4th quarter worth $36,000. Golden State Wealth Management LLC bought a new stake in shares of Suncor Energy in the 4th quarter worth about $39,000. Finally, Covestor Ltd raised its stake in shares of Suncor Energy by 30.5% in the 4th quarter. Covestor Ltd now owns 1,095 shares of the oil and gas producer’s stock valued at $39,000 after purchasing an additional 256 shares in the last quarter. Hedge funds and other institutional investors own 67.37% of the company’s stock.

About Suncor Energy

Suncor Energy Inc operates as an integrated energy company in Canada, the United States, and internationally. It operates through Oil Sands; Exploration and Production; and Refining and Marketing segments. The Oil Sands segment explores, develops, and produces bitumen, synthetic crude oil, and related products.