Cigna Investments Inc. New Buys New Position in Suncor Energy Inc. (NYSE:SU)
Cigna Investments Inc. New bought a new position in Suncor Energy Inc. (NYSE:SU) (TSE:SU) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 25,028 shares of the oil and gas producer’s stock, valued at approximately $731,000.
Other institutional investors have also modified their holdings of the company. Dowling & Yahnke LLC increased its position in shares of Suncor Energy by 0.3% in the first quarter. Dowling & Yahnke LLC now owns 10,326 shares of the oil and gas producer’s stock worth $318,000 after buying an additional 31 shares during the period. Peapack Gladstone Financial Corp increased its position in Suncor Energy by 0.3% in the first quarter. Peapack Gladstone Financial Corp now owns 13,176 shares of the oil and gas producer’s stock valued at $405,000 after buying an additional 40 shares during the last quarter. YorkBridge Wealth Partners LLC increased its position 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. Baldwin Brothers Inc. MA increased its position in Suncor Energy by 0.4% in the first quarter. Baldwin Brothers Inc. MA now owns 23,545 shares of the oil and gas producer’s stock valued at $724,000 after buying an additional 84 shares during the last quarter. Finally, Financial Architects Inc increased its position in Suncor Energy by 1.4% in the second quarter. Financial Architects Inc now owns 6,806 shares of the oil and gas producer’s stock valued at $199,000 after buying an additional 93 shares during the last quarter. 65.62% of the stock is owned by institutional investors and hedge funds.
Suncor Energy Inc. (SU) opened at 32.41 on Friday. Suncor Energy Inc. has a 52-week low of $25.70 and a 52-week high of $33.79. The firm has a 50-day moving average price of $30.63 and a 200 day moving average price of $30.94. The stock has a market capitalization of $53.78 billion, a price-to-earnings ratio of 25.16 and a beta of 0.82.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Tuesday, September 5th will be given a dividend of $0.2552 per share. This is a positive change from Suncor Energy ‘s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, August 31st. This represents a $1.02 dividend on an annualized basis and a yield of 3.15%. Suncor Energy ‘s payout ratio is currently 77.87%.
Suncor Energy declared that its board has authorized a share buyback program on Wednesday, April 26th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the oil and gas producer to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Several research firms recently weighed in on SU. Scotiabank downgraded Suncor Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, June 9th. Citigroup Inc. reaffirmed a “buy” rating on shares of Suncor Energy in a research note on Wednesday, August 2nd. Piper Jaffray Companies dropped their price objective on Suncor Energy from $40.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, July 3rd. Zacks Investment Research downgraded Suncor Energy from a “hold” rating to a “sell” rating in a research note on Wednesday, April 26th. Finally, BidaskClub raised Suncor Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $42.10.
About Suncor Energy
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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