Connor Clark & Lunn Investment Management Ltd. Reduces Stock Holdings in Suncor Energy Inc. $SU

Connor Clark & Lunn Investment Management Ltd. cut its holdings in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 4.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,404,509 shares of the oil and gas producer’s stock after selling 473,567 shares during the quarter. Suncor Energy comprises 1.2% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 15th largest position. Connor Clark & Lunn Investment Management Ltd. owned 0.77% of Suncor Energy worth $352,699,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Maseco LLP acquired a new position in shares of Suncor Energy during the second quarter valued at about $32,000. N.E.W. Advisory Services LLC acquired a new position in Suncor Energy during the 1st quarter valued at approximately $36,000. Atlantic Union Bankshares Corp acquired a new position in Suncor Energy during the 2nd quarter valued at approximately $37,000. Harbour Investments Inc. raised its holdings in shares of Suncor Energy by 67.0% in the first quarter. Harbour Investments Inc. now owns 1,169 shares of the oil and gas producer’s stock worth $45,000 after buying an additional 469 shares during the last quarter. Finally, IFP Advisors Inc lifted its stake in shares of Suncor Energy by 27.6% during the second quarter. IFP Advisors Inc now owns 1,428 shares of the oil and gas producer’s stock worth $53,000 after buying an additional 309 shares during the period. Institutional investors and hedge funds own 67.37% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Zacks Research downgraded Suncor Energy from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Wells Fargo & Company initiated coverage on Suncor Energy in a report on Friday, October 17th. They issued an “equal weight” rating on the stock. Royal Bank Of Canada restated an “outperform” rating and issued a $65.00 price objective on shares of Suncor Energy in a research note on Friday, October 3rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Suncor Energy in a research report on Wednesday, October 8th. Finally, Raymond James Financial upgraded shares of Suncor Energy from a “market perform” rating to an “outperform” rating in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $65.00.

Suncor Energy Stock Performance

Shares of SU stock opened at $42.60 on Friday. Suncor Energy Inc. has a 52-week low of $30.79 and a 52-week high of $43.48. 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 stock has a market cap of $51.39 billion, a PE ratio of 13.11, a price-to-earnings-growth ratio of 3.52 and a beta of 0.75. The business has a 50-day simple moving average of $40.82 and a 200-day simple moving average of $38.94.

Suncor Energy (NYSE:SU) (TSE:SU) last posted its earnings results on Tuesday, November 4th. The oil and gas producer reported $1.07 EPS for the quarter, topping the consensus estimate of $0.85 by $0.22. Suncor Energy had a return on equity of 13.21% and a net margin of 11.35%.The firm had revenue of $9.04 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same period last year, the company earned $1.48 earnings per share. On average, equities analysts expect that Suncor Energy Inc. will post 3.42 EPS for the current year.

Suncor Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 24th. Stockholders of record on Wednesday, December 3rd will be issued a dividend of $0.60 per share. This is a positive change from Suncor Energy’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Wednesday, December 3rd. This represents a $2.40 annualized dividend and a dividend yield of 5.6%. Suncor Energy’s payout ratio is presently 54.10%.

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.