Bank of New York Mellon Corp Purchases 409,032 Shares of Suncor Energy Inc. (NYSE:SU)

Bank of New York Mellon Corp boosted its position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 13.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 3,492,472 shares of the oil and gas producer’s stock after buying an additional 409,032 shares during the quarter. Bank of New York Mellon Corp’s holdings in Suncor Energy were worth $135,228,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC raised its position in Suncor Energy by 250.8% during the fourth quarter. CIBC Private Wealth Group LLC now owns 19,811 shares of the oil and gas producer’s stock worth $759,000 after acquiring an additional 14,163 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Suncor Energy by 2.5% in the fourth quarter. Sei Investments Co. now owns 444,201 shares of the oil and gas producer’s stock valued at $15,849,000 after purchasing an additional 10,852 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Suncor Energy by 4.5% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,132,812 shares of the oil and gas producer’s stock valued at $361,227,000 after purchasing an additional 437,252 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Suncor Energy by 20.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,046,513 shares of the oil and gas producer’s stock valued at $37,336,000 after purchasing an additional 178,727 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Suncor Energy by 65.0% in the first quarter. Principal Financial Group Inc. now owns 16,018,129 shares of the oil and gas producer’s stock valued at $620,136,000 after purchasing an additional 6,311,513 shares during the last quarter. 67.37% of the stock is owned by institutional investors.

Suncor Energy Stock Performance

NYSE:SU opened at $38.79 on Wednesday. The company has a fifty day moving average of $37.03 and a 200-day moving average of $37.06. The firm has a market capitalization of $47.43 billion, a P/E ratio of 11.18, a P/E/G ratio of 3.14 and a beta of 0.80. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.21. Suncor Energy Inc. has a twelve month low of $30.79 and a twelve month high of $41.95.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.05. Suncor Energy had a net margin of 11.95% and a return on equity of 14.90%. The company had revenue of $9.10 billion during the quarter, compared to analyst estimates of $13.39 billion. During the same quarter in the previous year, the business posted $1.41 EPS. As a group, sell-side analysts anticipate that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Wednesday, June 4th were issued a dividend of $0.4133 per share. This represents a $1.65 dividend on an annualized basis and a yield of 4.26%. This is an increase from Suncor Energy’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, June 4th. Suncor Energy’s payout ratio is currently 47.84%.

Wall Street Analyst Weigh In

Several research firms have commented on SU. Scotiabank upgraded shares of Suncor Energy to a “hold” rating in a report on Wednesday, March 19th. Wall Street Zen downgraded shares of Suncor Energy from a “buy” rating to a “hold” rating in a research note on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Suncor Energy has an average rating of “Moderate Buy” and a consensus target price of $64.67.

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.