CIBC Asset Management Inc Lowers Stock Position in Suncor Energy Inc. (NYSE:SU)

CIBC Asset Management Inc cut its holdings in shares of Suncor Energy Inc. (NYSE:SU - Free Report) TSE: SU by 3.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,409,006 shares of the oil and gas producer's stock after selling 533,449 shares during the period. Suncor Energy comprises approximately 1.6% of CIBC Asset Management Inc's portfolio, making the stock its 18th largest position. CIBC Asset Management Inc owned 1.08% of Suncor Energy worth $479,756,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Eastern Bank bought a new position in Suncor Energy during the 3rd quarter worth approximately $25,000. HHM Wealth Advisors LLC increased its stake in Suncor Energy by 62.1% during 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. Golden State Wealth Management LLC purchased a new position in Suncor Energy during the 4th quarter worth $39,000. Stonebridge Financial Group LLC purchased a new position in Suncor Energy during the 4th quarter worth $45,000. Finally, Waldron Private Wealth LLC purchased a new position in Suncor Energy during the 3rd quarter worth $49,000. 67.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SU shares. Morgan Stanley downgraded shares of Suncor Energy from an "overweight" rating to an "equal weight" rating in a report on Monday, December 16th. Royal Bank of Canada reiterated an "outperform" rating and set a $66.00 target price on shares of Suncor Energy in a research report on Tuesday, January 7th. Tudor, Pickering, Holt & Co. raised shares of Suncor Energy from a "hold" rating to a "buy" rating in a 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. Finally, Cibc World Mkts raised shares of Suncor Energy from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, February 11th. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $58.00.

Suncor Energy Trading Up 0.8 %

Shares of Suncor Energy stock traded up $0.30 on Thursday, hitting $40.19. The stock had a trading volume of 3,052,591 shares, compared to its average volume of 4,560,857. The company has a quick ratio of 0.86, a current ratio of 1.33 and a debt-to-equity ratio of 0.21. Suncor Energy Inc. has a one year low of $32.64 and a one year high of $41.94. The stock has a market cap of $50.02 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 2.91 and a beta of 1.12. The stock's 50-day simple moving average is $37.83 and its two-hundred day simple moving average is $38.63.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its earnings results on Wednesday, February 5th. The oil and gas producer reported $0.89 earnings per share (EPS) for the quarter, topping 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%. As a group, sell-side analysts predict that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Tuesday, March 4th will be issued a $0.399 dividend. This represents a $1.60 annualized dividend and a yield of 3.97%. The ex-dividend date is Tuesday, March 4th. Suncor Energy's dividend payout ratio (DPR) is currently 46.67%.

Suncor Energy Company 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.