Harvey Capital Management Inc. Sells 48,013 Shares of Suncor Energy Inc. (NYSE:SU)

Harvey Capital Management Inc. cut its stake in Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 71.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,150 shares of the oil and gas producer's stock after selling 48,013 shares during the quarter. Harvey Capital Management Inc.'s holdings in Suncor Energy were worth $707,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Toronto Dominion Bank increased its position in Suncor Energy by 59.7% during the first quarter. Toronto Dominion Bank now owns 17,606,934 shares of the oil and gas producer's stock worth $649,872,000 after buying an additional 6,580,260 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Suncor Energy by 90.9% during the second quarter. Assenagon Asset Management S.A. now owns 8,299,876 shares of the oil and gas producer's stock worth $316,226,000 after buying an additional 3,951,287 shares during the last quarter. National Bank of Canada FI increased its position in Suncor Energy by 60.7% during the second quarter. National Bank of Canada FI now owns 8,661,861 shares of the oil and gas producer's stock worth $328,876,000 after buying an additional 3,272,896 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in Suncor Energy by 305.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,725,000 shares of the oil and gas producer's stock worth $63,687,000 after buying an additional 1,300,000 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Suncor Energy by 5.1% during the second quarter. The Manufacturers Life Insurance Company now owns 25,134,149 shares of the oil and gas producer's stock worth $956,850,000 after buying an additional 1,209,073 shares during the last quarter. 67.37% of the stock is owned by institutional investors and hedge funds.

Suncor Energy Stock Performance

SU stock traded down $0.18 during trading on Friday, reaching $37.59. 2,994,754 shares of the stock were exchanged, compared to its average volume of 2,659,714. Suncor Energy Inc. has a twelve month low of $29.45 and a twelve month high of $41.94. The company has a market capitalization of $47.43 billion, a P/E ratio of 8.72, a price-to-earnings-growth ratio of 2.68 and a beta of 1.12. The stock has a 50 day simple moving average of $38.54 and a 200-day simple moving average of $38.75. The company has a current ratio of 1.46, a quick ratio of 0.93 and a debt-to-equity ratio of 0.26.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last released its earnings results on Tuesday, August 6th. The oil and gas producer reported $1.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.76 by $0.51. The business had revenue of $12.90 billion for the quarter, compared to the consensus estimate of $9.30 billion. Suncor Energy had a return on equity of 16.22% and a net margin of 14.40%. The firm's revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period last year, the business earned $0.71 earnings per share. As a group, sell-side analysts anticipate that Suncor Energy Inc. will post 3.53 earnings per share for the current year.

Suncor Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 4th were issued a dividend of $0.395 per share. This represents a $1.58 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date was Wednesday, September 4th. Suncor Energy's payout ratio is 37.59%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SU. Scotiabank lowered their price target on Suncor Energy from $61.00 to $60.00 and set a "sector perform" rating on the stock in a research report on Friday, July 12th. Wolfe Research began coverage on Suncor Energy in a research report on Thursday, July 18th. They issued an "outperform" rating and a $68.00 price target on the stock. StockNews.com downgraded Suncor Energy from a "buy" rating to a "hold" rating in a research report on Thursday, October 17th. TD Securities raised Suncor Energy from a "hold" rating to a "buy" rating in a research report on Wednesday, August 7th. Finally, BMO Capital Markets raised Suncor Energy from a "market perform" rating to an "outperform" rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Suncor Energy currently has a consensus rating of "Moderate Buy" and an average target price of $55.83.

Suncor Energy Profile

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.