TD Asset Management Inc. Has $1.24 Billion Position in Suncor Energy Inc. (SU)
TD Asset Management Inc. cut its stake in shares of Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 0.0% during the second quarter, Holdings Channel reports. The fund owned 42,575,706 shares of the oil and gas producer’s stock after selling 21,171 shares during the period. Suncor Energy comprises approximately 2.0% of TD Asset Management Inc.’s portfolio, making the stock its 10th largest position. TD Asset Management Inc.’s holdings in Suncor Energy were worth $1,242,140,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the stock. CENTRAL TRUST Co increased its stake in Suncor Energy by 90.8% in the first quarter. CENTRAL TRUST Co now owns 3,641 shares of the oil and gas producer’s stock valued at $112,000 after buying an additional 1,733 shares during the last quarter. Howe & Rusling Inc. increased its stake in Suncor Energy by 19.3% in the first quarter. Howe & Rusling Inc. now owns 4,143 shares of the oil and gas producer’s stock valued at $127,000 after buying an additional 670 shares during the last quarter. YorkBridge Wealth Partners LLC increased its stake in Suncor Energy by 1.0% in the first quarter. YorkBridge Wealth Partners LLC now owns 4,061 shares of the oil and gas producer’s stock valued at $128,000 after buying an additional 42 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its stake in Suncor Energy by 6.0% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 4,224 shares of the oil and gas producer’s stock valued at $130,000 after buying an additional 238 shares during the last quarter. Finally, UBS Asset Management Americas Inc. bought a new stake in Suncor Energy during the fourth quarter valued at approximately $152,000. 65.62% of the stock is owned by institutional investors.
Suncor Energy Inc. (NYSE:SU) opened at 32.99 on Monday. The company has a market cap of $54.74 billion, a PE ratio of 25.71 and a beta of 0.82. The firm’s 50-day moving average price is $29.88 and its 200 day moving average price is $30.87. Suncor Energy Inc. has a 52-week low of $25.70 and a 52-week high of $33.79.
Suncor Energy declared that its Board of Directors has approved a share repurchase plan on Wednesday, April 26th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the oil and gas producer to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Tuesday, September 5th will be given a dividend of $0.2552 per share. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Thursday, August 31st. This is a boost from Suncor Energy ‘s previous quarterly dividend of $0.24. Suncor Energy ‘s dividend payout ratio is currently 77.87%.
Several equities research analysts have issued reports on SU shares. Scotiabank downgraded Suncor Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, June 9th. Citigroup Inc. reaffirmed a “buy” rating on shares of Suncor Energy in a report on Wednesday, August 2nd. Piper Jaffray Companies cut their price target on Suncor Energy from $40.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, July 3rd. Zacks Investment Research downgraded Suncor Energy from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, BidaskClub raised Suncor Energy from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Five research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $42.10.
Suncor Energy Company Profile
Suncor Energy Inc (Suncor) is an integrated energy company. The Company is focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. The Company’s Oil Sands segment includes Oil Sands operations and Oil Sands ventures operations.
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