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

Suncor Energy Inc. (NYSE:SU - Get Free Report) TSE: SU was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 13,360,000 shares, a decline of 73.7% from the February 28th total of 50,780,000 shares. Currently, 1.1% of the shares of the company are sold short. Based on an average daily trading volume, of 4,680,000 shares, the short-interest ratio is presently 2.9 days.

Suncor Energy Price Performance

Shares of SU stock traded down $0.27 during trading on Friday, hitting $38.36. The company had a trading volume of 2,789,133 shares, compared to its average volume of 4,405,989. Suncor Energy has a 52 week low of $33.81 and a 52 week high of $41.95. The stock has a market capitalization of $47.45 billion, a price-to-earnings ratio of 11.12, a price-to-earnings-growth ratio of 2.94 and a beta of 1.11. The company has a quick ratio of 0.86, a current ratio of 1.33 and a debt-to-equity ratio of 0.21. The stock's 50-day moving average is $38.13 and its two-hundred day moving average is $38.17.

Suncor Energy (NYSE:SU - Get Free Report) TSE: SU last issued its quarterly earnings results on Wednesday, February 5th. The oil and gas producer reported $0.89 EPS for the quarter, topping analysts' consensus estimates 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, analysts predict that Suncor Energy will post 3.42 EPS for the current fiscal year.

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Suncor Energy Cuts Dividend

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

Hedge Funds Weigh In On Suncor Energy

A number of hedge funds and other institutional investors have recently modified their holdings of SU. Wealth Enhancement Advisory Services LLC lifted its position in Suncor Energy by 121.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 249,870 shares of the oil and gas producer's stock worth $8,915,000 after buying an additional 137,266 shares during the last quarter. PKO Investment Management Joint Stock Co bought a new stake in shares of Suncor Energy in the 4th quarter worth approximately $1,500,000. Leigh Baldwin & CO. LLC purchased a new stake in shares of Suncor Energy in the 4th quarter valued at $316,000. Polar Asset Management Partners Inc. bought a new position in shares of Suncor Energy during the 4th quarter valued at $1,962,000. Finally, Forum Financial Management LP raised its position in Suncor Energy by 72.0% in the 4th quarter. Forum Financial Management LP now owns 9,618 shares of the oil and gas producer's stock worth $343,000 after purchasing an additional 4,026 shares during the period. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SU. Bank of America started coverage on Suncor Energy in a research report on Wednesday, February 26th. They set a "neutral" rating on the stock. Morgan Stanley downgraded Suncor Energy from an "overweight" rating to an "equal weight" rating in a research note on Monday, December 16th. StockNews.com raised Suncor Energy from a "hold" rating to a "buy" rating in a report on Saturday, March 22nd. Royal Bank of Canada reissued an "outperform" rating and issued a $66.00 price target on shares of Suncor Energy in a report on Tuesday, January 7th. Finally, Tudor Pickering raised shares of Suncor Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, February 10th. Four investment 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. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $59.20.

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.