Massachusetts Financial Services Co. MA Sells 1,785,561 Shares of Suncor Energy Inc. $SU

Massachusetts Financial Services Co. MA lowered its position in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 8.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,535,211 shares of the oil and gas producer’s stock after selling 1,785,561 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Suncor Energy were worth $731,594,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Acadian Asset Management LLC grew its holdings in shares of Suncor Energy by 12,290.9% in the first quarter. Acadian Asset Management LLC now owns 12,418,784 shares of the oil and gas producer’s stock valued at $480,760,000 after acquiring an additional 12,318,559 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Suncor Energy by 83.6% in the first quarter. Goldman Sachs Group Inc. now owns 12,426,008 shares of the oil and gas producer’s stock worth $481,135,000 after purchasing an additional 5,658,880 shares during the last quarter. Nuveen LLC bought a new position in Suncor Energy in the 1st quarter valued at $126,048,000. Mackenzie Financial Corp grew its stake in Suncor Energy by 18.6% in the 1st quarter. Mackenzie Financial Corp now owns 15,377,546 shares of the oil and gas producer’s stock valued at $595,398,000 after purchasing an additional 2,410,857 shares during the period. Finally, AustralianSuper Pty Ltd increased its position in shares of Suncor Energy by 1,025.0% during the 1st quarter. AustralianSuper Pty Ltd now owns 2,149,643 shares of the oil and gas producer’s stock valued at $83,248,000 after purchasing an additional 1,958,570 shares during the last quarter. Hedge funds and other institutional investors own 67.37% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SU. Raymond James Financial raised shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a report on Thursday, November 6th. Wells Fargo & Company started coverage on shares of Suncor Energy in a research report on Friday, October 17th. They issued an “equal weight” rating on the stock. Zacks Research cut shares of Suncor Energy from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 15th. Royal Bank Of Canada reissued an “outperform” rating and set a $65.00 target price on shares of Suncor Energy in a research report on Friday, October 3rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Suncor Energy in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Suncor Energy currently has an average rating of “Moderate Buy” and an average price target of $65.00.

Suncor Energy Stock Performance

NYSE SU opened at $44.32 on Friday. The firm has a market cap of $53.47 billion, a P/E ratio of 13.64, a price-to-earnings-growth ratio of 3.52 and a beta of 0.75. The company has a quick ratio of 0.77, a current ratio of 1.26 and a debt-to-equity ratio of 0.19. The company’s 50 day moving average is $41.13 and its 200-day moving average is $39.24. Suncor Energy Inc. has a 12-month low of $30.79 and a 12-month high of $44.70.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings data on Tuesday, November 4th. The oil and gas producer reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.22. Suncor Energy had a net margin of 11.35% and a return on equity of 13.21%. The business had revenue of $9.04 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same period in the previous year, the business earned $1.48 EPS. Sell-side analysts predict that Suncor Energy Inc. will post 3.42 earnings per share for the current year.

Suncor Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 24th. Stockholders of record on Wednesday, December 3rd will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 5.4%. This is a boost from Suncor Energy’s previous quarterly dividend of $0.41. The ex-dividend date is Wednesday, December 3rd. Suncor Energy’s dividend payout ratio (DPR) is presently 55.74%.

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.