Bank of Nova Scotia Has $554.74 Million Stock Holdings in Suncor Energy Inc. (NYSE:SU)

Bank of Nova Scotia raised its holdings in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 2.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,315,168 shares of the oil and gas producer's stock after purchasing an additional 356,567 shares during the period. Suncor Energy accounts for about 1.0% of Bank of Nova Scotia's holdings, making the stock its 23rd largest holding. Bank of Nova Scotia owned about 1.34% of Suncor Energy worth $554,738,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SU. Johnson Financial Group Inc. purchased a new stake in Suncor Energy during the 4th quarter valued at $25,000. Optiver Holding B.V. purchased a new stake in Suncor Energy during the 3rd quarter valued at $29,000. Benjamin F. Edwards & Company Inc. boosted its stake in Suncor Energy by 43.2% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,038 shares of the oil and gas producer's stock valued at $33,000 after purchasing an additional 313 shares during the last quarter. Headinvest LLC bought a new position in shares of Suncor Energy during the 3rd quarter valued at $40,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Suncor Energy during the 4th quarter valued at $46,000. Hedge funds and other institutional investors own 67.37% of the company's stock.

Suncor Energy Stock Performance

Suncor Energy stock traded up $0.95 during trading on Friday, reaching $40.82. The company had a trading volume of 12,948,842 shares, compared to its average volume of 4,635,600. Suncor Energy Inc. has a 52 week low of $27.78 and a 52 week high of $41.50. The firm's 50-day simple moving average is $38.87 and its 200 day simple moving average is $35.00. The firm has a market capitalization of $52.49 billion, a price-to-earnings ratio of 9.09, a price-to-earnings-growth ratio of 3.67 and a beta of 1.11. The company has a current ratio of 1.51, a quick ratio of 0.97 and a debt-to-equity ratio of 0.25.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last posted its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $0.90 by $0.15. The business had revenue of $9.29 billion for the quarter, compared to analysts' expectations of $8.64 billion. Suncor Energy had a return on equity of 15.69% and a net margin of 15.38%. Sell-side analysts forecast that Suncor Energy Inc. will post 3.62 earnings per share for the current fiscal year.

Suncor Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Tuesday, June 4th will be issued a dividend of $0.395 per share. The ex-dividend date is Tuesday, June 4th. This represents a $1.58 dividend on an annualized basis and a yield of 3.87%. Suncor Energy's dividend payout ratio is presently 35.86%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SU shares. Raymond James raised Suncor Energy to a "hold" rating in a report on Tuesday. The Goldman Sachs Group increased their price target on Suncor Energy from $38.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, May 23rd. TD Securities increased their price target on Suncor Energy from $52.00 to $57.00 and gave the company a "hold" rating in a report on Wednesday, May 22nd. Morgan Stanley increased their price target on Suncor Energy from $50.00 to $52.00 and gave the company an "overweight" rating in a report on Thursday, March 28th. Finally, StockNews.com raised Suncor Energy from a "hold" rating to a "buy" rating in a report on Thursday, May 16th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Suncor Energy currently has an average rating of "Moderate Buy" and a consensus price target of $51.67.

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.