Suncor Energy Inc. $SU Stock Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its stake in Suncor Energy Inc. (NYSE:SU) (TSE:SU) by 1.8% in the third quarter, HoldingsChannel.com reports. The fund owned 404,308 shares of the oil and gas producer’s stock after selling 7,570 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Suncor Energy were worth $27,481,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Livelsberger Financial Advisory acquired a new stake in shares of Suncor Energy during the 3rd quarter worth approximately $25,000. Versant Capital Management Inc boosted its position in Suncor Energy by 418.9% during the 2nd quarter. Versant Capital Management Inc now owns 493 shares of the oil and gas producer’s stock valued at $26,000 after purchasing an additional 398 shares during the period. Continuum Advisory LLC acquired a new position in Suncor Energy during the 2nd quarter valued at approximately $27,000. Sawyer & Company Inc acquired a new position in Suncor Energy during the 3rd quarter valued at approximately $44,000. Finally, Cassaday & Co Wealth Management LLC bought a new position in Suncor Energy during the 1st quarter worth $53,000. 67.37% of the stock is owned by institutional investors.

Suncor Energy Price Performance

Shares of NYSE:SU opened at $68.96 on Thursday. The firm’s 50 day moving average is $71.66 and its two-hundred day moving average is $64.11. Suncor Energy Inc. has a 52 week low of $42.09 and a 52 week high of $80.25. The firm has a market capitalization of $79.89 billion, a P/E ratio of 9.19, a PEG ratio of 0.22 and a beta of 0.22. The company has a current ratio of 1.71, a quick ratio of 1.27 and a debt-to-equity ratio of 0.19.

Suncor Energy (NYSE:SU) (TSE:SU) last released its quarterly earnings results on Tuesday, November 3rd. The oil and gas producer reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.35 by $0.49. The company had revenue of $13.26 billion for the quarter, compared to analysts’ expectations of $11.85 billion. Suncor Energy had a return on equity of 25.55% and a net margin of 17.49%. During the same quarter in the previous year, the company posted $1.48 earnings per share. Analysts anticipate that Suncor Energy Inc. will post 9.30 earnings per share for the current year.

Suncor Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Thursday, December 3rd will be given a C$0.66 dividend. The ex-dividend date is Thursday, December 3rd. This represents a $2.64 annualized dividend and a yield of 3.8%. This is an increase from Suncor Energy’s previous quarterly dividend of C$0.60. Suncor Energy’s payout ratio is 25.44%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SU shares. Wall Street Zen raised Suncor Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 17th. Weiss Ratings upgraded Suncor Energy from a “buy (b)” rating to a “buy (a-)” rating in a research note on Thursday, October 8th. Morgan Stanley set a $106.00 price target on shares of Suncor Energy in a report on Wednesday, August 19th. Zacks Research raised shares of Suncor Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. Finally, Desjardins upgraded shares of Suncor Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Three investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $81.71.

Suncor Energy Company Profile

Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta. Its operations span the energy value chain, from producing and processing crude oil to refining, marketing and distributing fuel products. The company’s upstream business includes oil sands development and upgrading in Alberta, as well as conventional and offshore oil and gas production. Its refining and marketing operations serve customers in Canada and the United States, selling products such as gasoline, diesel and jet fuel under brands including Petro-Canada.